Legal Question in Business Law in Utah
Do you have to pay?
I am asking for donations on the internet to help start my buisness.
And I was just wondering if I would need to take taxes out of the
money that I get. To avoid me getting to to trouble with the state or
federal. Thank you very much for helping me.
Asked on 8/30/05, 8:48 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: Do you have to pay?
Yes unless you qualify for tax exempt status as a not for profit corporation. Otherwise it is ordinary income.
Answered on 8/31/05, 10:11 am
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