QUESTION
How can a voluntary organization have its own bank account?
Asked on Mar 12th, 2014 on Entertainment Law - Nebraska
More details to this question:
A group of individuals decided to form a monthly luncheon group and invite speakers on a variety of general interest subjects. It has been growing and is now in its 15th year. Meetings are held at a local hotel and initiation fees are held in a member's bank account, FBO the group. What is the easiest way to form an entity that would permit having its own bank account, etc.? Thanks.
1 ANSWER
It is fairly easy and inexpensive to form a limited liability company and there aren't a lot of annual requirements. Most non-profit groups are corporations, however. Your choice will depend on the purpose of the group and how you want to operate the business end of the organization.
Answered on Mar 12th, 2014 at 9:25 PM