Does my daughter need a tax ID to get sponsored by large companies
Many small business owners engage in charitable giving, either as private individuals or in their corporate capacity. This charitable giving can take many forms, including sponsorship of local charitable events, donations of excess inventory, and sustained philanthropy in one
or more areas through the establishment of a formal foundation or council. Charitable giving by small businesses most often takes the form of contributions of goods and, less often, services. In addition to the tax deduction and the reduced inventory-carrying costs, companies
realize tremendous public relations benefits from corporate giving. Qualified organizations may claim a tax deduction for charitable contributions. Qualified organizations include nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals. Please see http://www.irs.gov/publications/p526/ar01.html#d0e83 for more information regarding organizations that are qualified to receive deductible charitable contributions, the types of contributions that can be deducted, how much can be deducted, what records to keep, and how to report charitable contributions.
Corporate sponsorship is a form of advertising in which companies pay to be associated with certain events. When the sponsorship of a nonprofit or charitable event is involved, the sponsorship activity is often referred to as event marketing or cause marketing. In today's business environment, small companies have embraced sponsorship of everything from local softball and volleyball teams to festivals, fairs, and park cleanups as an effective means of increasing their visibility in their home community. Many of these kinds of sponsorships enable small companies to increase their public profile in a relatively cost-effective manner. In addition to the advertising and promotional aspects of corporate sponsorship, it also provides benefits in the realm of community relations. A small company may also generate new business
through the contacts and leads it generates in its community relations activities. Such contacts might also make it easier for the company to obtain financing for expansion, find promising new locations, or gain favorable treatment in terms of taxes, ordinances, or utilities.
An athlete agent is an individual who enters into an agency contract with a student-athlete or, directly or indirectly, recruits or solicits a student-athlete to enter into an agency contract. The term includes an individual who represents to the public that the individual is an
athlete agent, but is usually defined to exclude family members, guardians, and individual acting solely on behalf of a professional sports team or professional sports organization. Some states have enacted laws governing contracts made between athletes and athlete agents, which vary by state. Such laws may govern issues such as state registration and recordkeeping of athlete agents and disclosure requirements in their agency contracts. The majority of states have
enacted the Uniform Athlete Agent Act (UAAA). The UAAA requires an agent to provide important information to enable student-athletes and other interested parties to better evaluate the prospective agent. The UAAA also requires that written notice be provided to institutions when a student-athlete signs an agency contract before his or her eligibility expires. In addition, the UAAA gives authority to the Secretary of State to issue subpoenas that would enable the state to obtain relevant material that ensures compliance with the act. Finally, the UAAA
provides for criminal, civil and administrative penalties with enforcement at the state level.