Have you heard of LLC status? It stands for Limited Liability Company status. Sounds like a good things, right? Doesn’t everyone want to limit their liabilities? Yes, they do! So maybe your homeschool group should be an LLC! Or maybe not!

The reason that most for-profit businesses obtain the LLC status is for limited liability. I organized my own sole proprietorship accounting practice as an LLC because I wanted limited liability and protection of my personal assets.

Becoming a Limited Liability Company (LLC) is a more complicated issue for nonprofit organizations. Most small nonprofits such as a homeschool co-op do not become LLC’s because the IRS has 12 conditions that must be met for the LLC to be tax exempt. For a nonprofit organization such as a homeschool co-op, nonprofit corporation status in your state brings similar protections of limited liability.

In this episode of the HomeschoolCPA podcast, Carol Topp will share:

Read more about LLC status for homeschool groups:

Should my homeschool group file as an LLC?

Should your homeschool group be an LLC?

FEATURED PRODUCT

The IRS and Your Homeschool Organization

Does your homeschool group need to pay taxes? Could they avoid paying taxes by being a 501c3 tax exempt organization? Do you know the pros and cons of 501c3 status? Do you know what 501c3 status could mean for your homeschool group? I have the answers for you in my book The IRS and Your Homeschool Organization. The information I share in my book has been helpful to homeschool support groups, co-ops, music and sports groups and will help you understand:

Click Here to request more information!

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