We are a group of 15 bed and breakfasts who collect dues, stage fundraisers, promote tourism, participate in community events, and contribute to needy members of our community. We cannot seem to convince a bank to provide us a checking account without formal IRS status. Is 501(c)(6) right for us?
Section 501(c)(6) is the section that exempts trade associations, which may be the most appropriate category for your organization. You also indicate some charitable activity in helping needy members of the community. Promoting tourism can also be done within a charitable organization if it is not solely for the benefit of your members. Consult a knowledgeable attorney to help you figure out the most appropriate classification.
Monday, February 25, 2008
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