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Charitable Solicitations Act: Why You May Need a License to Accept Donations
Byadmin
It may come as a surprise to some, but Maine, like many other states, requires charitable organizations to obtain a charitable solicitation license from the state before soliciting donations within Maine. The Maine Charitable Solicitations Act (CSA), 9 M.R.S. §§ 5001-5018, regulates “charitable organizations.” Broadly defined, it includes entities that hold themselves out as charities…
Some Important Information About Contracts and “Boilerplates”
Byadmin
Have you ever read towards the end of a contract where there seems like a lot of stuff that doesn’t have to do with what the contract is all about, but that the lawyers think should be there? Sometimes people call it “boilerplate.” Some people might think…
Economic Aid to Hard-Hit Small Businesses
Byadmin
In late December, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act). It provides $284 billion in new funding for Paycheck Protection Program (PPP) loans. It makes significant changes to the PPP loan forgiveness process, including a streamlined forgiveness process for loans of up to $150,000. Here are…
Maine Employers Can Expect Reduction in Workers’ Comp Rates
Byadmin
Please see this recent story from the Bangor Daily News. https://bangordailynews.com/2014/02/06/business/maine-employers-can-expect-nearly-8-percent-reduction-in-workers-comp-rate-largest-since-1998/
501(c)(3) Public Charities: Meeting the Public Support Financial Requirement
Byadmin
Nonprofit entities that have been granted tax exempt status under Section 501(c)(3) of the Internal Revenue Code (the “Code”) must remain in compliance with the requirements of the Code. This is particularly true with exempt entities that have been granted “public charity” status (the “Organization”). The IRS allows some flexibility in satisfying the Code requirements,…
Is Debt or Equity Financing Better for My Business?
Byadmin
Recently a client sent me a financing contract from a “hard money” lender. This lender was willing to lend my client $150,000 at an interest rate of over 20%. Upon the lender’s granting the loan, the loan principal would jump from $150,000 to $225,000. These loan terms were considered within the “normal” range for this…