I am starting up a non-profit corporation with a a friend and a few others and we would like to be paid so that we can focus our attention on this corporation. My friend and I are the two members of the board of directors but I know the IRS doesn't like directors to be paid so I'm not sure how we can be fairly compensated for our time.
I was on the Board of Directors of a non-profit where some of the other Board members were also officers. None of us were paid, however. This organization had paid staff, but none of them were on the Board.
You might need to check with an attorney before registering your corporation to draft Articles of Incorporation and By-Laws such that directors are allowed monetary compensation.
i dont think so but directors can elect officers.and so can the chairman.
|
