by Pentacle-nextSteps | Apr 23, 2024 | Become Fiscally Sponsored in the Performing Arts, Choose A Structure, Fiscal Sponsorship, What is Fiscal Sponsorship?
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 manage funds on behalf of another organization or individual project...
by Pentacle-nextSteps | Apr 23, 2024 | Choose A Structure
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 LLC are usually referred to as “members,” as the structure is more of...
by pennextsteps | Apr 23, 2024 | Become a 501(c)3 Non-Profit in the Performing Arts, Choose A Structure
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 owners or shareholders. This includes performing arts entities. Often...
by Pentacle-nextSteps | Apr 23, 2024 | Choose A Structure
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). This includes performing arts entities. As the name implies, sole...
by Pentacle-nextSteps | Aug 20, 2021 | Build Your Startup, For 501(c)3 Arts Orgs, For Arts Administrators, Taxes
Employee vs. Independent Contractor What’s the difference between an employee and an independent contractor? The payment for an independent contractor is performance-based and is determined by the completion of the service they provide while an employee’s...
by pennextsteps | Jan 9, 2021 | Choose A Structure
What is a S Corp? Definition of S Corp for Those in the Performing Arts An S corporation (S corp) is defined as a legal business entity that is taxed as a partnership rather than separately from its owners. Income is passed through from the corporation (often called a...
