Easter Sunday - Easter Monday - Cinco de Mayo - Mother's Day - Memorial Day - Father's Day. Best cloud mining. Litecoin, Ethereum and other. It’s hard to imagine what Wharton was like before GroupMe and Venmo. Both are fantastic. Both make life a lot more convenient. Both come with a lot of people who annoy the hell out of everyone. Don’t be that person who everyone wants to mute. Here, some do’s and don’ts on how to use these next generation social apps. When it’s someone’s birthday The scenario: You are in a group with 140 other people. It’s someone’s birthday! Don’t: When the inevitable “happy birthday” message gets released, please don’t replicate. Spare the unnecessary sentences from flooding and annoying everyone’s chat. Do: Just go ahead and like the first comment. The difference in effort between a “like” and typing out a message is minimal. The birthday boy or gal doesn’t need you to type out happy birthday again. When it’s really a one-on-one convo The scenario: You are in a group with 84 eclectic and wise Wharton students. Someone asks a specific question such as does anyone have a spare vacuum cleaner. Someone gracefully replies that they can lend the person one. Don’t: Keep on typing out the details. The 82 other people do not need to know the back and forth coordinating instructions to pick up that vacuum cleaner. Do: Shift to direct message. When it’s time Venmo someone after dinner The scenario: You just ate an awesome dinner and the restaurant does not accept more than one card, so everyone Venmos the one cardholder. Now it’s time to fill out the Venmo comment. Don’t: Just write “dinner,” “food,” or the name of the restaurant. (Please, we all don’t need to know you are eating at Vetri for the third time in one week). Do: Use some creativity. Tie in a funny line for a line of conversation during the meal. Go outrageous. Talk about what’s about to happen later that evening. The cost is minimal, but the reward of making the recipient laugh is well worth it. When it’s time to name your GroupMe The scenario: You just settle on a team for another group project. This is group project number four for you this semester. Don’t: Name the group “MGMT 611 Group Project” when your group is rushing to complete the 25 page paper two days before it’s due. Do: Take the time to come up with a clever group name. You’ll smile every time you see the group name come up in a chat. It’ll ease the tension of the group work. When someone joins your affinity group or project team GroupMe The scenario: A few shiksas and goys are added to your Jewish GroupMe. Or a non-healthcare MBA joins healthcare. Don’t: Remove the person (unless the person really is an asshole). You’d be surprised what the new member can contribute. Do: Be inclusive. This is not high school. This is Wharton. There are no truly exclusive parties, pregames, or groups at Wharton. We are One Wharton, remember? Check out more from the Wharton Journal, and like us or follow us: • • •. Checklist for Organizing a Tax-Exempt Corporation in Tennessee Author: Attorney Paul Nowak I. Documentation A. Charter The corporation will be formed by preparing a non-profit corporation charter, which will be filed with the Tennessee Secretary of State and with the Register of Deeds for the county in which the corporation’s office will be located. In order to prepare the charter, you need to consider the following: 1. The name of the corporation. Name and address of the incorporator. Name and addresses of board of directors. There must be at least three directors. Designation of officers. There must be at least a President and a Secretary. Many non-profit corporations also have a Vice-President and a Treasurer. Whether the corporation will have members. Since a non-profit corporation does not issue stock, there are no shareholders. The corporation is controlled by the board of directors or by the members. Whether or not to have members will be dictated by the number of organizations who will participate in the corporation. If there are a relatively small number of participants, they could each be represented on the board of directors and there would be no need to have members. However, if there are a large number of participants, and they all want a say in how the corporation is run, then they should be members, and they will elect the board of directors, just as the shareholders do in a for-profit corporation. Name and address of registered agent. The primary role of the registered agent is to receive legal notices and legal process. Address of the corporation’s principal office. Bylaws The bylaws set forth the corporation’s rules and procedures for its day to day activities. Organizational Meeting Minutes These minutes will provide for the appointment of directors, adoption of bylaws, designation of officers and other matters, such as opening bank accounts. Tax Documentation After the corporation has been formed, it will be necessary to take care of several tax matters immediately. Application for Employer I.D. Number can be filed with the IRS online. Application for tax-exempt status. If you want the corporation to qualify for tax-exempt status, so that contributions will be tax-deductible, you will need to file a Form 1023 with the IRS. Form 1023 is tedious, but not particularly complicated. However, it does require you to provide information which demonstrates the charitable nature of the corporation’s activities. In particular, you should be prepared to provide a description of the corporation’s proposed activities, anticipated receipts and contemplated expenditures. In addition, the IRS requires a current balance sheet and a proposed two-year budget. There are alternative filing fees for the IRS. If the new organization expects annual gross receipts of less than $10,000 during the first four years, the fee is $150. If annual gross receipts are expected to be more than $10,000, the filing fee is $465. Depending on the nature of the non-profit corporation’s activities, annual filings will have to be made with the IRS. Registration for Charitable Solicitations A non-profit corporation which intends to solicit charitable contributions in Tennessee must make certain filings with the Secretary of State. If the corporation expects to receive $30,000 in donations in any accounting year, the corporation must file an Application for Registration, together with a Summary of Financial Activities, and pay a $50.00 filing fee. The registration must be renewed annually, with the filing fee based on the corporation’s gross revenues in the preceding calendar year. Also, the corporation will be required to file quarterly financial reports. If less than $30,000 is collected in an accounting year, the corporation may file an Exemption Request, accompanied by a Summary of Financial Activities. No renewals or quarterly reports will be required. Timetable The incorporation documents ready in a day, if all of the necessary information has been provided. The Form 1023 typically takes several hours to prepare, once the applicant has decided on the information to be included. The IRS can take from several months to a year to process the Form 1023, and about half the time they require additional information. During the time the application is being processed, the corporation receives provisional tax-exempt status, in order to permit contributors to make tax-deductible contributions. The above discussion is necessarily limited, but it does describe the basics of the project. Please contact Paul Nowak if you have any questions or would like additional information. This document has been provided for informational purposes only and is not intended and should not be construed to constitute legal advice. Please consult your attorneys in connection with any fact-specific situation under federal law and the applicable state or local laws that may impose additional obligations on you and your company. © 2014 Yost Robertson Nowak PLLC.
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