Financial Audit Vs. Financial Review
May 1, 2024
Key Differences Between a Financial Audit & Financial Review A financial audit and review are two different types of financial assessments conducted by professionals to evaluate the accuracy and...
Difference Between Non-Profit and For-Profit Entities
April 23, 2024
Difference Between Non-Profit and For-Profit Entities What is a Non-Profit Entity? A non-profit, not-for-profit, or NPO, is an organization that does not seek to earn profit for its owners. Rather,...
What is Fiscal Sponsorship?
April 23, 2024
What is Fiscal Sponsorship? Definition of Fiscal Sponsorship in the Performing Arts Fiscal sponsorship is a relationship in which a nonprofit organization (the fiscal sponsor) agrees to accept and...
What is a LLC?
April 23, 2024
What is a LLC in the Performing Arts? Definition of LLC A Limited Liability Company (LLC) is defined as a legal business entity that limits the company’s members from risk of loss. The owners of an...
What is a C Corp?
April 23, 2024
What is a C-Corp? What is a C-Corp, and how does it differ from other types of corporate structures? A C corporation (C corp) is defined as a legal business entity that is taxed separately from its...
What is a Sole Proprietor?
April 23, 2024
What is a Sole Proprietor? Definition of Sole Proprietor for Those in the Performing Arts A Sole Proprietor is an entity that is not incorporated (as a C-corp, S-corp, or other corporate structure)....
Renting Studio Space at a Discounted Rate
June 27, 2023
How to rent studio spaces for discounted rates Rent Studio Space at a Discounted Rate Fiscal sponsors typically rent studio space at a discounted rate through negotiations and partnerships with...
Workers Classification in the Performing Arts: Why Does It Matter?
May 19, 2022
Workers Classification in the Performing Arts: Why Does It Matter? NEXTSTEPS GUEST WRITER: STEFI GEORGE How You Classify Workers Can Make a Big Difference for Workers Compensation and Tax...
Understanding A Balance Sheet
January 13, 2022
Understanding a Balance Sheet What is a Balance Sheet? A Balance Sheet is a financial statement that summarizes the company’s assets, liabilities, and equity at a specific point in time. The Balance...
Understanding A Profit and Loss Statement?
January 7, 2022
Understanding A Profit and Loss Statement What is a Profit and Loss Statement? A Profit and Loss Statement (P&L) is a financial statement that measures the revenues, costs, and expenses incurred...