Legal Question in Business Law in Indiana
Non profit company
I'am on a small volunteer fire dept in Indiana and we are not for profit company that was formed in 1963 we have are own board of directors and membership we raise money at fund raiser in the town. We are going to go out of bussiness are what should we do with any money that is accounts or property that is owned by the corpartion If members quit the company before close the business should they be intitled to any of this money .
1 Answer from Attorneys
Re: Non profit company
As a not-for-profit organization no member is entitled to receive any money or property upon dissolution of the volunteer fire department. The only way a member should receive anything from the fire dept is for fire runs and expense reimbursements to the extent allowed by the by-laws. Usually when a volunteer fire dept is dissolved, any assets, including money, is transfered to another volunteer fire dept or to a local munivipality. In any event, the members are taking a big riske if they take any money or property if the dept is dissolved.
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