1. Which of the following entity types cannot NOT become a 501(c)(3)?
a. A Delaware LLC
b. A Partnership
c. An Illinois Corporation
d. A Charitable Trust
2. Which of the following is most likely true about an Unincorporated Association that was a 501(c)(3)?
a. It was formed by filing its Charter with the applicable Secretary of State
b. It will be taxed like a partnership
c. It cannot qualify as a public charity
d. Its actors have more exposure for potential personal liability (as compared to actors of a corporate entity)
3. Which of the following entity types is LEAST likely to be required to submit organizational documents with its Secretary of State?
a. A Trust
b. An LLC
c. A Corporation
d. Each of the above entity types is typically required to submit its organizational documents with its Secretary of State
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Anna Liza Gaspar
Question 1: d. A Charitable Trust
Organizations described in section 501(c)(3) are ...
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