plg blog

What debts are dischargeable?

Question: What debts are dischargeable? Answer: Generally, all debts listed on the petition are dischargeable. However, certain types of debt listed in 11 U.S.C. §523 are not dischargeable. The non-dischargeable debts listed in §523 include, but are not limited to: a....

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What is a Sole proprietorship?

Question: What is a Sole proprietorship? Answer. The most common and the simplest form of business is the sole proprietorship. In a sole proprietorship, a single individual engages in a business activity without necessity of formal organization. If the business is...

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What is an “S” Corporation?

Question: What is an "S" Corporation? Answer: An “S” corporation is not a matter of state corporate law but rather a federal tax election. A for-profit corporation elects to be taxed as an “S” corporation by filing an election with the Internal Revenue Service. For...

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What is a Texas Limited Partnership?

Question: What is a Texas Limited Partnership? Answer: A Texas limited partnership is a partnership formed by two or more persons and having one or more general partners and one or more limited partners. The limited partnership operates in accordance with a...

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Can our Nonprofit have Members?

Yes, in accordance with Section 22.151 of the Texas Business Organizations Code (TOB), a nonprofit corporation may have one or more classes of members or it may have no members at all. If the corporation has one or more classes of members, the corporation's...

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Staffing your Foundation Team

I just setup a private family foundation. Can I hire a staff to run it? The answer often turns on the size of the foundation assets and its total annual charitable budget. The real question is how much staff you can afford. The IRS mandates an annual charitable...

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Staffing your Foundation Team

I just setup a private family foundation. Can I hire a staff to run it? The answer often turns on the size of the foundation assets and its total annual charitable budget. The real question is how much staff you can afford. The IRS mandates an annual charitable...

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A Primer of Private Foundations

Every organization that qualifies for tax exemption as an organization described in section 501(c)(3) is a private foundation unless it falls into one of the categories specifically excluded from the definition of that term (referred to in section 509(a)). In...

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What is a Group Exemption Letter?

Answer: The IRS sometimes recognizes a group of organizations as tax-exempt if they are affiliated with a central organization. This avoids the need for each of the organizations to apply for exemption individually. A group exemption letter has the same effect as an...

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