(LAWN-4020) - 2 UNITS
Nonprofits represent almost 10% of our nation's economy. An immense and diverse range of activities operate as nonprofit organizations, local dance companies, nursery schools, universities, orchestras, museums, public interest law firms, soup kitchens, and hospitals, to name a few. They are subject to a unique set of interlocking and overlapping state and federal laws. This class will survey state corporate and trust law as well as federal tax law that regulate these entities. Topics will include fiduciary duties, the requirements for tax exemption in general and for various kinds of organizations in particular, limits on compensation, and public policy considerations that have shaped it. Many lawyers work in this so-called independent sector or engage in a practice that involves such organizations. Those engaged in estate planning, for example, are often asked to set up charities for their clients. Lawyers, moreover, are frequently asked to join the boards of nonprofit organizations. This class will give students the tools needed to serve in any of these roles.