How can a voluntary organization have its own bank account? 2 Answers as of March 12, 2014A group of individuals decided to form a monthly luncheon group and invite speakers on a variety of general interest subjects. It has been growing and is now in its 15th year. Meetings are held at a local hotel and initiation fees are held in a member's bank account, FBO the group. What is the easiest way to form an entity that would permit having its own bank account, etc.? Thanks.
Sebby Law Office | Jayne Sebby
It is fairly easy and inexpensive to form a limited liability company and there aren't a lot of annual requirements. Most non-profit groups are corporations, however. Your choice will depend on the purpose of the group and how you want to operate the business end of the organization.
Answer Applies to: Nebraska
Lawyer for Indie Media | Sue Basko
Form an unincorporated organization. Have a treasurer who keeps the bank and keeps books and gives a short report at each meeting. Set up bylaws for how money may be spent and by whom and the procedure for doing so. Do not let the account grow any larger than is needed for your expenses.
Answer Applies to: Illinois