Bill,

Chapter incorporation is intended to protect the officers from any retribution should
anything happen. For example, if someone was to hear something at meeting and then
apply it to his product and it causes a sizable problem. He may go after the chapter
and its officers. Incorporation protects the offciers from this sort of nonsense
suit. In addition, if someone was displeased with the way the chapter is run, or with
the officers or any other matter concerning the chapter, you are protected under the
law.

It also gives you a tax advantage as an organization. Since you collect dues (have an
income) purchase meeting materials, etc. (disbursements) you will be exempt from
local and federal income taxes. Some states will still charge a minor fee each year
for not for profit organizations. It is usually quite a bit less than a for profit
organization.

Many local banks will require incorporation papers to open a bank account. If you do
not have an incorporation, then they will charge whoever opens the account's with a
1099 interest earned statement at the end of the year. This will also be sent to the
Fed for tax purposes. As a corporation this report is shielded from the individual
offers.

I trust that this helps a little bit. I am not an accountant, but if ou have any
other questions, please do not hesitate to contact me.

Regards,



Gary Ferrari
Executive Director
IPC Designers Council
(860) 350-9300 Fax (860) 350-9309
[log in to unmask]

>>> "Dieffenbacher, William C" <[log in to unmask]> 04/02/98 11:50AM
>>>
Hi All,

Our Susquehanna Region Chapter of the IPC Designers Council had a business
meeting last night in which we discussed, among other things, becoming
incorporated.  We are very naive about incorporation and especially what
benefit there is for our local chapter.  Could anyone from a chapter which
has already been incorporated please give us a few reasons why we should
incorporate?


Bill Dieffenbacher, SRC Secretary
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Lockheed Martin Control Systems
600 Main St.  Rm R52F
Johnson City, NY  13790
Tel:   (607)770-2961
Fax:   (607)770-2056
Email:  [log in to unmask]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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