Can an LLC accept a cash donation?
We are in the start-up phase of our business and are structured as an LLC. A mentor and trusted advisor would like to make a cash donation to our LLC to help us fund some projects and get started - this "gift" is with no strings attached (i.e. the person making the gift is not requiring a return on investment, a share of the company, or the gift to be paid back). The only requirement is that the contributor would like a "receipt" to show for his donation. Can we, as an LLC, accept a cash donation? How does contribution go on our books? What would a `receipt` look like for this donation - would it simply be a statement on our company letterhead stating the specifics of the gift donation?
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