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Everything to Know About SMLLCs
Should Your Church Have an SMLLC?
More and more Pastors and Ministry Leaders are becoming familiar with Single Member Limited Liability Companies (SMLLCs). This corporate structure is very attractive to many pastors and ministry leaders for various reasons. We will release a series of blogs on SMLLCs in hopes of empowering and educating our readers to make their own decisions on whether an SMLLC should be a part of their church strategy.
What is an SMLLC and what are the benefits?
The first thing we need to do is answer the question, "What is an SMLLC?" SMLLC stands for : Single Member Limited Liability Companies. These corporate structures have gained popularity among nonprofit organizations for years, as they offer the flexibility of limited liability protection combined with the tax-exempt status granted under Section 501(c)(3) of the Internal Revenue Code.
Limited Liability Protection:
An SMLLC provides crucial limited liability protection for the parent organization's assets during specific projects or activities.
An SMLLC owned by a 501(c)(3) organization shares its tax-exempt status, reducing administrative work by eliminating the need for separate tax filings.
Flexibility in Management:
SMLLCs offer flexibility in management and governance, streamlining project management and enhancing collaboration by operating as a separate legal entity.
Benefits to churches and ministries
SMLLCs can offer significant benefits to churches and ministries that have 501(c)(3) approval by providing limited liability protection, simplified administration, and flexibility in management.
These advantages can support the efficient operation and growth of churches and ministries and help them achieve their mission and objectives.
Still Have Questions?
We understand that this can be a lot of information! That's why we have a team of people dedicated to answering your questions and help make the process of becoming an SMLLC easy.
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Help preparing your internal governing documents including:
• Articles of Organization
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Ready to get started?
We understand that this can be a lot of information! That's why we have a team of people dedicated to answering your questions and help make the process of becoming an SMLLC easy. Fill out the form below and our representatives will get in touch with you to discuss how to get started or just to answer your questions.