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> To do it yourself, you must incorporate and seek non-profit status which can take over a year and thousands of dollars in the United States Joint business ba
by soared 8y ago
> To do it yourself, you must incorporate and seek non-profit status which can take over a year and thousands of dollars in the United States
Joint business bank account at any major bank solves this. File for an llc in colorado (~$65) and open the account. Tax free, fee-free, and you can get multiple debit cards.
- arcdigital 8y agoThat wouldn't exempt you from federal tax though.
- zachlatta 8y agoKeep in mind most of our students are minors and many are in situations where creating new entities that increase reported personal income would put them in a compromising position - ex. push their family over the income threshold for a welfare program and disqualify them. Sponsors for high school events also typically look for 501(c)(3) status before giving to events that benefit their community. I'm sure an LLC is a great solution for many, but there's a reason high schoolers don't already do this for hackathons.