Youth sports organizations are often run by people who are volunteers. Sometimes one volunteer within the group opens a bank account in the name of the sports organization, so fees can be deposited and expenses paid. Many times, a member of the group will suggest that the organization should formalize itself and set up a 501(c)(3) or an LLC to run the programs. What do these terms mean and when would it benefit a youth sports organization to formally organize as a 501(c)(3) or an LLC? Heidi Christianson explains.