Watch Out for Fads When Exploring Franchise Opportunities
October 24, 2019

Selecting a franchise opportunity can be the most important business decision of your life. On top of that, at any given point, there are over 3,000 franchise opportunities being offered for sale (although only about half that amount are registered…

Is There a Time Limit for Distributing Funds Raised for a Specific Cause?
October 23, 2019

Several times each year our 501(c)(3) organization raises funds for a specific cause (or other charity) through a special event or a raffle.  Once the event takes place, how long do we have to submit the funds to the designated charity? There…

Every Small Business is a “Family Business”
October 22, 2019

Every small business is a “family business” regardless of how legal ownership is structured or whether or not family members are actively involved in the business. An entrepreneur ignores this bit of reality at his or her peril.

Donations to Individuals and Families: Generous, Yes, Tax-Deductible, No
October 21, 2019

People often ask about making donations to support individuals or families victimized by a tragedy, medical emergency, or natural disaster, and are surprised to learn that gifts earmarked for specific individuals are not tax deductible as charitable…

Five Nonprofit Board Governance Mistakes
October 18, 2019

Here are a few commonly observed mistakes made by nonprofit organizations when it comes to governance and compliance. If you serve on a nonprofit board, ask yourself whether your organization could use some help addressing any of these important…

A Few Quick Thoughts on Using Seller Financing to Sell a Small Business
October 15, 2019

Seller financing is a common strategy in small business acquisitions to get deals done that otherwise would not be possible.  Simply put, seller financing is a loan made by the seller of a business to the buyer to cover all, or a portion, of…

2019 – 2020 Bon Secours Memorial College of Nursing Scholarship Winner Announced
October 14, 2019

Thank you to the Bon Secours Richmond Health Care Foundation and the Bon Secours Memorial College of Nursing for hosting the annual luncheon last week at CCV allowing nursing scholarship sponsors and recipients to meet for the first time and…

Say Goodbye to the “Tax Matters Partner” and Hello to the “Partnership Representative”
October 02, 2019

There have been a series of changes over the past year in the Treasury Regulations that likely impact your old LLC Operating Agreement. One change is that there is no longer a “tax matters partner” (also referred to as a tax matters member)…

Can a Nonprofit Organization Include Paid Staff as Voting Members of the Board of Directors?
September 30, 2019

Virginia law does not prohibit employees from serving on the board of directors of the nonprofit organization for which they work. But while it may be legal, it is relatively unusual for charities to have paid staff on the board on not considered…