From one of our sponsors & speakers: J. Keith Phifer, Esq., LL.M
In light of increased scrutiny on non-profits and their principals, it is important to understand that most non-profits operate in a competitive business marketplace. The primary difference between non-profits and for profits is that in for profit enterprises, the goal is to maximize return for the business’ shareholders. Non-profits ultimately serve the public good. But apart from the ultimate objectives, the mechanics of both kinds of businesses remain, in many instances, very similar. Non-profits must provide services, hire employees, purchase supplies, manage finances and accounting, enter into contracts, and otherwise manage their affairs just like for profit businesses do. Because of the nature of the non-profit form, (i.e. because there are no
J. Keith Phifer, Schlossberg, LLC
shareholders) much responsibility falls on the shoulders of the board of directors of these enterprises. Therefore, it is extremely important for directors of non-profit corporations to understand their obligations and liabilities, and protect themselves to the extent practicable while fulfilling their ultimate purpose.
Schlossberg, LLC represents a diverse array of non-profit organizations in various contexts from formation, 501C3 applications, to operations, taxation issues, and counsel regarding the many reporting requirements for non-profits. Our non-profit clients also benefit from Schlossberg, LLC’s unique expertise in the business spectrum of the law, including employment law, corporate law, and litigation which affect all manner of businesses, whether they are for profit or not for profit. Schlossberg, LLC also represents many private foundations.