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FINANCIAL HEALTH: LEGAL

BUSINESS ENTITIES

Two Lessons: Overview Of Choosing A Business Entity; Nonprofits And Fiscal Sponsorships
LED BY
Attorney, Deputy Director of Legal Services at the Arts & Business Council of Greater Boston (A&BC)
OR

Course Description

1. Sole Proprietorships, LLCs, Corporations, And More!

Whether you choose to remain a sole proprietorship or file as a different business entity, liabilities, taxes, costs, ongoing obligations, longevity, revenue generation, and management structure should all play a role in your decision. It’s complicated! Attorney Luke Blackadar outlines the pros and cons of sole proprietorships, partnerships, several types of corporations, and limited liability companies to help you develop the thinking and language you’ll need to consider which business structure works best for your practice. By the end of the video, you’ll be better prepared to have specific and meaningful discussions with an attorney and an accountant about your specific situation.

2. Nonprofits And Fiscal Sponsorships

While all the business entities outlined in attorney Luke Blackadar’s video, “Sole Proprietorships, LLCs, Corporations, And More!” warrant further investigation, nonprofit corporations and fiscal sponsorships require additional clarification. We can easily classify the work of many cultural institutions, artists, and designers as providing public benefit, but filing as a nonprofit corporation is a serious decision with meaningful pros and cons. The process is long and the misconceptions are significant. Luke explains the role fiscal sponsorship may play in providing benefit to mission-aligned, for-profit companies and corrects a few fallacies along the way. Spoiler alert: nonprofit and 501c(3) designations are not synonymous and nonprofits can earn a profit.

Course Contents

YOUR INSTRUCTOR

Luke Blackadar
Attorney, Deputy Director of Legal Services at the Arts & Business Council of Greater Boston (A&BC)
Luke Blackadar is an attorney and the Deputy Director of Legal Services at the Arts & Business Council of Greater Boston (A&BC). An artist himself, he helps artists, creative start-ups, and arts nonprofits manage legal issues involving copyright, trademark, contracts, entity formation, and corporate governance. Luke also enjoys talking to groups of law students and artists and has recently spoken on art legal issues to the Americans for the Arts, the City of Boston, and students at Brown University, RISD, MassArt, and Lesley University. In addition to managing the A&BC’s legal interns, he teaches at the Boston University Metropolitan College and the Roger Williams University School of Law, and mentors students through the Northeastern University and Northeast Regional Black Law Student Associations. Luke is a graduate of Clark University and Northeastern University School of Law. In his spare time, he enjoys drawing, running, reading, and playing video games.