I have a potential sponsor lined up but he's requesting that we have a tax id #. Do any of you guys know how we'd go about doing this and if so, how difficult will it be? We don't want to end up having to pay taxes, were not making any money. All you lawyers, business people, cpa's or whatever, what's the route to take. Should we incorporate? Somebody has to know about this. Thanks in advance!!!
The best thing to do is call the IRS and they will anwser any questions that you have. That's the safest thing to do. I do know teams that have a tax I.D. Ladies In Action is one.
big al you would need to fill out incorporation papers/ application. may need to check with an accountant to figure out what type of corporation you will want your team to become. however if you are not going to have a profit or anything s corp should do. i think it is $100 application fee for processing. application probably can be found online. if you cant find one hit me up at firstname.lastname@example.org and i can get it to you sometime next week. also if an accountant wants to charge you for info hit me up with some contact info and i will take care of it on my end. later
also dont sweat it its pretty simple but i know there is an application fee also it is a $35 a year corporate charge unless there has been a slight increase. your sponser needs that tax Id# in order to use your team as a tax write off.
Thanks 1st timer. I'll need that info. You can shoot it to bigal1025_1970@yahoo. I'll see if i can find the application online.
no problem dont worry about the application i can get that also. i wont have time tommorrow but will definitely take care of it on Monday. if you have a fax # that would definetly speed things up. no problem glad i can help
hey Al, for our basketball club we were able to get a 501(c)3 set up to get one, it was just a matter of filing some papers with the state.
i have paperwork. you can file it yourself. hit me up with fax # or mailing address.