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148-Save Money By Establishing a Non-Profit Corporation For Your Business Instead of a For-Profit Corporation: Inervi...
  • 06/02/2015
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148-Save Money By Establishing a Non-Profit Corporation For Your Business Instead of a For-Profit Corporation: Inervi...

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Descripción de 148-Save Money By Establishing a Non-Profit Corporation For Your Business Instead of a For-Profit Corporation: Inervi...

Have you ever thought about the money you could save if you didn't have to pay taxes on the profits of your business? Might be nice, eh?
Well, have you ever considered establishing a not-for-profit corporation instead of a for-profit company?
Perhaps it might have some advantages for you!
My guest is James O'Neil. James is a former police officer and now is involved in a company called Training For Safety.
Having run both types of companies, James is a great guest to introduce the topic.
Enjoy!
Joshua
Pros and Cons of a Not-for-Profit Entity
Pros

No Corporate Income tax, often no State or Local Income Tax
Eligible for Public and Private grants
Donations – Cash and Non cash (e.g., batteries)
Corporate structure / Liability protection
Cost savings – Insurance, business license, business discounts
People view nonprofits differently
IRS (kinder and gentler IRS)
Lots of free or low cost assistance
You are a “real” business
Volunteers

Cons

Must have a nonprofit goal (charitable, educational, religious, literary, or scientific purpose)
Expense to setup (about $1,000)
Lots of time to setup (IRS and State forms & waiting for approval)
Paperwork (but applying recently got easier)
Lack of privacy (tax returns are on Internet)
Shared control (Board of Directors, corporate officers)

Book Recommendation:

“How to Form a Nonprofit Corporation” by Anthony Mancuso (Nolo Press)

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