What Does it Mean to Be Tax-Exempt?

Tax-exempt charitable corporations are a surprisingly common part of American life. Most churches, colleges, libraries and charities are organized as tax-exempt charitable corporations, free from the burden that an income tax imposes on most people and businesses. However, being tax-exempt doesn’t mean you’re entirely free of obligations, and if you’re not careful, your tax-exempt corporation could find its status stripped, exposing it to massive financial liability. Continue reading “What Does it Mean to Be Tax-Exempt?”

Why You Should Consider a Residuary Clause

When you write your last will and testament, there are many things you need to keep in mind. You need to keep track of all your property so it can be properly dispensed to your heirs, you need to decide who will inherit, and you need to make sure your will is reasonably up to date. However, even someone who is diligent about updating their will can miss things, which is why a residuary clause can be so helpful. Continue reading “Why You Should Consider a Residuary Clause”

Reasons to Consider a Living Will

It is difficult enough to discuss what will happen when we pass on, but it can be even more difficult to discuss what should happen if we become incapacitated while still alive. Despite this, however, that possibility is always present, and it is worthwhile to examine what options you can take to prepare yourself and your loved ones for that possibility. One such option is known as the living will. Continue reading “Reasons to Consider a Living Will”

Reporting Requirements of Tax-Exempt Religious Entities

One of the most significant benefits of running a nonprofit religious organization is the tax-exempt status you can qualify for. However, that doesn’t mean you don’t need to worry about the IRS or tax authorities at all. It’s important for everyone, including tax-exempt entities, to be aware of their reporting requirements, lest they incur potential legal or financial liabilities. Continue reading “Reporting Requirements of Tax-Exempt Religious Entities”

Commercial Landlord-Tenant Disputes

When people think about landlord-tenant disputes, they normally are referring to residential renters who get into arguments with their landlords over payment, conditions on the property, and so forth. However, many businesses are renters as well, choosing the relatively cheap path of renting out their business space rather than purchasing real estate. However, commercial renters can have just as many problems with their landlords as residential renters do, and sometimes they can be even more intense.

Of course, many of the issues that plague residential landlord-tenant relationships can also afflict commercial landlords and tenants as well. Disputes over rent payments are reasonably common, whether because the tenants are late with their payments, or because the landlord decides to suddenly increase the rent. A landlord may also fail to uphold their duty to maintain hospitable conditions on the property by not repairing dangerous or obnoxious issues that arise, such as a problem with the heating system or a termite infestation.

However, the fact that it’s a commercial property adds additional potential issues. After all, most businesses select a property because it suits the needs of their business, such as its geographical location, or perhaps the building has special structures (like loading bays) that are necessary for the business to run. Either way, if issues arise on the property that obstruct business, that could give rise to a landlord-tenant dispute as well.

On some occasions, a landlord may even become hostile to a tenant, perhaps out of personal animosity, or perhaps because the landlord believes they aren’t making as much out of their rental agreement as they could be with a new tenant. In such cases, a landlord might deliberately make efforts to force their current tenant out of the property, potentially violating the warranty of habitability in the process. Not only does that make your life more miserable, but it makes it that much harder to simply run your business and make a living.

If you are involved in a dispute with your landlord, or you’re a landlord dealing with a problematic tenant, you’ll need legal counsel to advise you of your rights and protect your interests. The real estate law attorneys at Wingate, Kearney, & Cullen, LLP have offices in Brooklyn and Long Island, New York.  The firm is experienced in handling commercial landlord-tenant disputes. For more information or to schedule a consultation, call (718) 852-5900 or fill out our contact form.

What is Regulation P?

The Right to Privacy Act, more commonly known as Regulation P, is not well known outside of the banking industry. However, it’s an important law that governs how the information obtained and stored by financial institutions is handled. And whether you’re a bank constrained by Regulation P, or a consumer intended to be protected by it, it’s important to know what rights and responsibilities Regulation P confers. Continue reading “What is Regulation P?”

Can a For-Profit Corporation Claim a Religious Objection?

It has long been recognized in the United States that an individual can, under certain circumstances, claim religious exemptions to certain laws because of a religious objection. This basic principle, based on the First Amendment’s Free Exercise clause, has also been extended to religious non-profit organizations, like churches and schools or charities run by religious institutions. However, in recent years a new question has come up: can a for-profit company claim a religious objection to a law, even when they’re not officially recognized as a religious organization? Continue reading “Can a For-Profit Corporation Claim a Religious Objection?”

Prohibited Activities by Nonprofit Organizations

Operating a nonprofit corporation can give you a lot of freedom compared to operating a for-profit corporation. For one, you can simply do whatever your organization was created to do, without worrying about whether you’re pleasing shareholders. For another, you can get a tax-exempt status that will protect you from the burden of the corporate income tax. However, that status isn’t absolute, and if you engage in any prohibited activities, your nonprofit status can be revoked. Continue reading “Prohibited Activities by Nonprofit Organizations”

Is a Nonprofit Corporation Right for You?

When people think about corporations, a few names will spring to mind: Disney, McDonalds, Walmart, Coca-Cola, Apple, maybe even something like Comcast or Nintendo. And that’s because most people only really think about for-profit corporations. However, just about every major charity is also incorporated, as are many colleges and universities. The big difference is that these are nonprofit corporations, and depending on what you intend to do, a nonprofit corporation might be just what you need. Continue reading “Is a Nonprofit Corporation Right for You?”