508c1a vs Trust - Which Is Better
A 508(c)1(a) / FBO (faith based organization) is for religious organizations. A trust is universally applicable for almost any situation or entity. Both offer similar protections.
To further clarify a church can be a trust and a church can be placed inside of a trust. In fact, one may create a trust or 508 without an EIN. The EIN is only required if the entity will have a bank account.
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Is A Corporation Necessary (or) Is An Operating Trust Better Than A C-Corp
A C-Corp is not necessary, but serves in lieu of an Operating Trust. A C-Corp is highly recommended for students with a business that earns $100,000+ a year. The upsides to a C-Corp is the ability to have a CPA file any taxes that may occur for a ...
How Long Does It Take To Setup an FBO (Faith Based Organization)
About 14 days. Most of the time is spent on study so that one is aware of the laws that govern the FBO. If one chooses to have a Registered Agent, the 508 articles will need their signature, but it does not have to be original. Further, Washington ...
Is a Web Structure Needed for a FBO/Church
A trust can own land or assets in lieu of the church. A trust web is a double-veil of protection for assets. It is a good security to have in cases of trustee incompetence or catastrophic failure of the entity due to unforeseen reasons.
Difference Between a Public vs Private Express Trust
An express trust is either public or private. A public trust, also known as a charitable trust, is an express trust created for a charitable purpose. A private trust is an express trust created to benefit a few persons.
Can Anyone Become A 508(c)(1)(A) or FBO For Tax Purposes
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