A little over a year ago my son, a couple of guys at the lake and I decided we had a desire to form a fleet. After screwing around this last summer, all totaled now (and I counted twice) we are ten boats strong. Don't believe any rumors of a decline in cat sailing. <img src=
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I guess it's time to get serious now. Before we start asking for monies in dues or attempting to raise money, the next logical step is to become a 501c3 not-for-profit organization and get a federal tax ID number. And incorporate? Correct? We have no one with a law background, so am posing the question to those who've passed before us.
If you had to do it again would you have done anything different? Any mistakes to avoid? Or am I making this out as more difficult than it actually needs to be? <img src=
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Thank you
We lucked out by having a sailing lawyer that did all the legal stuff for a lifetime membership.
Aftr you get everything set up you will have to file with the feds every year to maintain tax exempt status. Don't forget or they'll try to squeeze blood from a rock.
I don't think you need a 501c3. Isn't that for non-profit-charitable? When we need to form a basic, non-profit corporation for a sailing organization, we just use one of the services provided on the internet. It's easy and cheap.
You see I don't know <img src=
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Thanks Mary. We'll check that avenue.
If it's a Hobie Fleet, you don't need to incorporate. Doing so would prevent you from participating in the Class' insurance program.
Go here to find out more.
The only
real
reason to incorporate is to protect the shareholders from liability - which probably wouldn't work since individuals would be named in any lawsuit in addition to the corporation.
Our Hobie Fleet in Detroit (276) is about the same size as yours. We're not incorporated and we take full advantage of the Class' insurance programs which cost us nothing.
You see I don't know <img src=
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Thanks Mary. We'll check that avenue.
I am in Canada so I do not know the laws that pertain, our marina was set up as non profit, I do not think we had to do anything special other than getting government and environment approval to put docks in the water as well a retaining wall. We had allot of stuff donated to us to assist us in our venture, including our building and property. Local companies also made donations to this cause, not much I think 4 to 5 hundred each, in return we placed their logos on small 1 ft square signs on our building thanking them.
Our local town has been a huge help to us, our concrete boat slip is free for anyone to make use of.
We have on our lake a bass tournament each year to raise funds, the entrance fee is cheap like 50.00, its the only time of year I fish, includes a bbq, 5.00 for raffle tickets on donated prizes which just about everyone wins something. bottom line its a fun day on the lake.
The money raised is spent as follows we hold some back to maintenance or up keeping our property, the rest is givin out to a chosen charity in our local community.
I wish you luck with your venture
Aha! Thank you Matt <img src=
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OK, a marina is a bit past where we've envisioned this going but thanks for the response. <img src=
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