Should I create an LLC for my retreats?
My friends and I started a retreat that a dozen of us would attend yearly. Every year we invited a few more friends and this year it has grown into a 50 person event that people can buy tickets to attend. This is the first year that I don’t know everyone attending, and I am concerned about the liability if something happens.
As of now, people have been sending me money personally and I’ve booked the venue on my credit card.
Given that this is no longer just a few friends gathering, I think at this point it makes sense to create an LLC.
If I create an LLC today, how do in ensure I benefit from the protections of an LLC if I’ve already accepted payment personally and booked on my personal credit card?
We’ve also considered starting this as a non-profit since our intention is to sustain this as a networking/inspiration event. Does starting a non-profit afford us the same protections as an LLC?
Any advice/help is greatly appreciated.
A non-profit can have an LLC. It can be formed as a subsidiary of the business. You can get familiar with the order LLC form at Windsor to understand more about the situation. Aside from the traditional options, non-profits have a few new ones. A nonprofit can be a full or part owner in any legal profit-making venture. That includes nonprofit participation in LLCs or for-profit corporations. The for-profit entity is run per normal, including taxes and other liabilities and obligations.