QUESTION
Who can give me legal advice on if it is necessary to register with the state as a foundation?
Asked on Oct 16th, 2012 on Business Law - Texas
More details to this question:
I live and work in Texas and about twice a year I take up collections of items such as blankets, non perishable foods, clothing, school supplies, etc. to donate to an underprivilged community in Mexico. I do recieve some monetary contributions also.I have registered as a Civic Association in Chihuahua, Mexico. I want to be sure that I comply with any laws associated with this activity.
1 ANSWER
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As a general matter, an unincorporated non-profit entity is not required to register in Texas under that state's laws. As an individual, you are not a "foundation" and are not tax-exempt. Thus, technically, the value of the cash you receive is income to you and must be reported to the IRS.
Answered on Oct 21st, 2012 at 6:56 AM