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Making the Switch: Converting Your Nonprofit Into a For-Profit

 
Gain a better understanding of the process of transitioning a nonprofit to for-profit and protect the nonprofit from significant liabilities.Nonprofit organizations operate under intense public scrutiny. No activity is subject to more scrutiny than a nonprofit organization’s conversion into a for-profit organization. Conversions must be carefully approached and structured with an eye towards how the IRS, Attorney General and/or the public at large will perceive them.There is little room for error. This topic delivers a crash course for persons tasked with advising a nonprofit whether and how to convert into a for-profit. We will walk through the relevant legal backdrop, various methods for converting, as well as common pitfalls and traps for the unwary. Failure to properly approach and consummate such conversions can result in significant liabilities including, but not limited to, retroactive revocation of exempt status, expensive Attorney General and/or IRS investigations and excise taxes against the fiduciaries and individuals approving the conversions. This topic will ensure nonprofits and their advisors approach conversions with their eyes wide open and are able to utilize various prophylactic measures to protect them.

Faculty

Edward B. Spinella

Edward B. Spinella

Reid & Riege, P.C.

Agenda

Faculty

Edward B. Spinella

Edward B. Spinella

Reid & Riege, P.C.

  • Partner in the office Reid and Riege, P.C. and is a member of the firm’s Business Law and Nonprofit Organizations Practice areas
  • Practice focuses on providing general counsel services to tax-exempt organizations and closely held businesses
  • Has cultivated a familiarity with the culture of tax-exempt organizations by regularly speaking to nonprofit executives, volunteer fiduciaries and advisors through various educational forums
  • Has been an actively engaged member of the Connecticut Bar Association’s LLC Act Subcommittee and its anticipated overhaul of the Connecticut Limited Liability Company Act
  • Member of the American Bar Association and the Connecticut Bar Association
  • J.D. degree, with honors, University of Connecticut School of Law; B.A. degree, summa cum laude, College of the Holy Cross
  • Can be contacted at 860-240-1054 or [email protected]

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