What are the pro and cons in being a Board of Director in a nonprofit organization?

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What are the pro and cons in being a Board of Director in a nonprofit organization?

Such as:-What are the liabilities (financially and character).-Can we be sued personally-Any tax advantages or not-What type of reporting is required for our personal taxes with the IRS.-Why is our SSN needed in the Articles of Incorporation for a 501c3 status?

Asked on June 11, 2009 under Business Law, Illinois

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

These are questions that depend on what board, if your state regulates such board in any way shape or form and what decisions you make. 

Call a non profit lawyer or legal aid to review the implications for you based on what you have, what you know, what board, and the type of decisions to be made. Try www.attorneypages.com.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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