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Choose a Business Structure- Nonprofit Corporation

8/13/2018

2 Comments

 
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The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability.

Nonprofit corporation
Nonprofit corporations are organized to do charity, education, religious, literary, or scientific work. Because their work benefits the public, nonprofits can receive tax-exempt status, meaning they don't pay state or federal taxes income taxes on any profits it makes.
Nonprofit corporations need to follow organizational rules very similar to a regular C corp. They also need to follow special rules about what they do with any profits they earn. For example, they can't distribute profits to members or political campaigns.
Nonprofits are often called 501(c)(3) corporations — a reference to the section of the Internal Revenue Code that is most commonly used to grant tax-exempt status.

Set up recordkeeping processes
Being organized helps businesses owners be prepared for other tasks. Good recordkeeping helps a business monitor progress. It also helps prepare financial statements and tax returns.

​GLM is here to help you get this set up. We recommend QuickBooks and have other tips for setting up your "Back office." You can also see IRS.gov for recordkeeping tips.
 

2 Comments
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10/7/2018 07:28:30 pm

I am really not sure how exactly does one fall into a non stock, non profit category. I know a lot of civil society organizations who choose not to limit themselves into any box they might belong to. This is because any kind of business will be able to be productive if they think out of the box. While the main intent is not to raise money, the need to sell more should never be ignored because an organization's ability to be self sustaining is one thing that can guarantee it will stay longer in the field. There is no other way to survive but to be bankable.

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8/9/2019 08:30:56 pm

I think it will be easier to give a person up if you see someone else who can take better care of her. If the person who is threatening to steal your sunshine away from you happens to be someone toxic or will treat her worse than you do, then we have a problem here. You will forever be burdened with an equally aggravating amount of guilt same with continuing to live a lie, if anything bad happens to her in the hands of another equally evil person like you. Sometimes it's better to just shut your mouth and let things flow naturally.

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