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Crikey, you found better stuff than I did.

What is a political action committee?

The term “political action committee” (PAC) refers to two distinct types of political committees registered with the FEC: separate segregated funds (SSFs) and nonconnected committees. Basically, SSFs are political committees established and administered by corporations, labor unions, membership organizations or trade associations. These committees can only solicit contributions from individuals associated with connected or sponsoring organization. By contrast, nonconnected committees—as their name suggests—are not sponsored by or connected to any of the aforementioned entities and are free to solicit contributions from the general public. For additional information, consult our Separate Segregated Funds and Nonconnected Committees fact sheet.

Are the titles chosen for SSFs and nonconnected PACs subject to different requirements?

Yes. The Act and Commission Regulations require an SSF to include the name of its sponsoring organization in its official title. 2 U.S.C. §432(e)(5); 11 CFR 102.14(c). The Act places no such restriction on the title that an nonconnected PAC uses. Neither committee, however, may include the name of a candidate in its title.

May both an SSF and an nonconnected PAC contribute up to $5,000 to each of a candidate’s election campaigns?

Yes. Provided the SSF or the nonconnected PAC has qualified as a multicandidate committee by having:

1. been registered with the Commission at least six months,
2. received contributions from over 50 persons, and
3. made contributions to at least five candidates for federal office.
2 U.S.C. §441a(a)(5).

What other requirements of the Act and FEC Regulations apply to both SSFs and nonconnected PACs?

Most of the basic requirements of the Act and Regulations are the same for SSFs and nonconnected political committees. For example, the prohibitions and limits on contributions apply equally to both SSFs and nonconnected PACs. In addition, both types of committees must fulfill the same basic recordkeeping and reporting requirements, although an SSF does not have to report operating expenses paid for by its sponsoring organization (see above). Finally, SSFs and nonconnected PACs may support candidates in the same ways, that is, by making monetary and in-kind contributions to candidates, by contributing to their political parties and by making independent expenditures to support or oppose candidates.

How do I start a nonconnected PAC?

Nonconnected PACs must register by filing FEC Form 1 [PDF], Statement of Organization within 10 days after raising or spending in excess of $1,000 in connection with federal elections. Such PACs should download the Campaign Guide for Nonconnected Committees [PDF] for more information on the laws that apply to them.
toolkit Download our Nonconnected PAC Registration Toolkit
The complete package of forms and other information necessary to register a committee with the FEC.

http://www.fec.gov/ans/answers_pac.shtml#nonconnected

http://www.fec.gov/info/toolkit.shtml#nonconnected

http://www.fec.gov/pdf/nongui.pdf

When do I need to report my PAC’s receipts and disbursements?

After registering with the FEC, PACs must file regular reports disclosing their receipts and disbursements. PACs have the option to file these reports quarterly or monthly, and may change their filing frequency as often as once a year. PACs that choose to file quarterly may be required to file certain pre- and post-election reports, depending on their activity. Please consult our reporting page for more information.

What is a political action committee?

I believe there are about 3 to 4 different types. I found the definition of the types last night. I'll look and see if I can find them again and I'll post them.

May both an SSF and an nonconnected PAC contribute up to $5,000 to each of a candidate’s election campaigns?

Yes. Haven't check out the difference between the two. However, it appears to me that nonconnected PACs can spend much more if they are not in collusion with the candidate(s) while they support his or her candidacy as in producing tv commercials that support their viewpoints or possibly even directly naming them in the political ad thanks to court ruling or two, and the SCOTUS case Citizens United.