New Jersey Law (we are incorporated in New Jersey) requires a affirmative vote by 2/3 of our voting members.
Yes, that amount must be approved before our 2022 990 tax filing. Due date is May 13, 2023 and with an extension due November 15, 2023.
We need to modify both our Bylaws and our Certificate of Incorporation. BOTH of these need to be passed by an affirmative vote of membership with a two thirds at a meeting for the membership. The ByLaws require we give the membership 30 days notice.
We would need more information to make this decision. Something to consider in the assessment process. Dave Johnson will get Ben more information.
There might be as it allows more options. It does create more administrative burden of two entities.
The change might be a problem. It would raise some concerns.
Will need to review accounts and ensure they are properly documented.
You can keep the same governance structure. You can also have the same board composition and frequency of meetings.
Yes we will need to change the by-laws with their guidance.
Hard for counsel to say, however audit is so low and is triggered by inconsistencies and reports the IRS receives. There is a fairly low risk of being audited.