Filing for non-profit status

[lightNlife]

yes, people can be paid when you're a non-profit. You just have to set up your operating budget to include those salaries.

 

[lightNlife]

yes, people can be paid when you're a non-profit. You just have to set up your operating budget to include those salaries.

 

[lightNlife]

yes, people can be paid when you're a non-profit. You just have to set up your operating budget to include those salaries.

 

[lightNlife]

yes, people can be paid when you're a non-profit. You just have to set up your operating budget to include those salaries.

 

[lightNlife]

yes, people can be paid when you're a non-profit. You just have to set up your operating budget to include those salaries.
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[Skye]

some of you lawyers out there correct me if I am wrong....non-profit just means that anything over and above your expenses, which includes salaries for yourself and others, goes back into making the operation work. That is my understanding.

 

[Skye]

some of you lawyers out there correct me if I am wrong....non-profit just means that anything over and above your expenses, which includes salaries for yourself and others, goes back into making the operation work. That is my understanding.

 

[Skye]

some of you lawyers out there correct me if I am wrong....non-profit just means that anything over and above your expenses, which includes salaries for yourself and others, goes back into making the operation work. That is my understanding.

 

[Skye]

some of you lawyers out there correct me if I am wrong....non-profit just means that anything over and above your expenses, which includes salaries for yourself and others, goes back into making the operation work. That is my understanding.

 

[Skye]

some of you lawyers out there correct me if I am wrong....non-profit just means that anything over and above your expenses, which includes salaries for yourself and others, goes back into making the operation work. That is my understanding.

 

[NYCLawGirl]

That's pretty much the gist of it, although there are some other rules too. But yes, nonprofits can charge money for services and/or pay their staff. Think about Goodwill, probably one of the better known not-for-profits out there. They charge for their clothes, and they pay their employees, but they don't make anyone any "profit" because they funnel the revenue back into their programs, like Skye said. But tax laws, to my knowledge, never prohibit you from paying a reasonable compensation for legit services from employees/directors.

 

[NYCLawGirl]

That's pretty much the gist of it, although there are some other rules too. But yes, nonprofits can charge money for services and/or pay their staff. Think about Goodwill, probably one of the better known not-for-profits out there. They charge for their clothes, and they pay their employees, but they don't make anyone any "profit" because they funnel the revenue back into their programs, like Skye said. But tax laws, to my knowledge, never prohibit you from paying a reasonable compensation for legit services from employees/directors.

 

[NYCLawGirl]

That's pretty much the gist of it, although there are some other rules too. But yes, nonprofits can charge money for services and/or pay their staff. Think about Goodwill, probably one of the better known not-for-profits out there. They charge for their clothes, and they pay their employees, but they don't make anyone any "profit" because they funnel the revenue back into their programs, like Skye said. But tax laws, to my knowledge, never prohibit you from paying a reasonable compensation for legit services from employees/directors.

 

[NYCLawGirl]

That's pretty much the gist of it, although there are some other rules too. But yes, nonprofits can charge money for services and/or pay their staff. Think about Goodwill, probably one of the better known not-for-profits out there. They charge for their clothes, and they pay their employees, but they don't make anyone any "profit" because they funnel the revenue back into their programs, like Skye said. But tax laws, to my knowledge, never prohibit you from paying a reasonable compensation for legit services from employees/directors.

 

[NYCLawGirl]

That's pretty much the gist of it, although there are some other rules too. But yes, nonprofits can charge money for services and/or pay their staff. Think about Goodwill, probably one of the better known not-for-profits out there. They charge for their clothes, and they pay their employees, but they don't make anyone any "profit" because they funnel the revenue back into their programs, like Skye said. But tax laws, to my knowledge, never prohibit you from paying a reasonable compensation for legit services from employees/directors.

 

[65roses]

Hi...your idea sounds wonderful. Lots of paperwork and reporting requirements with a 501(c)(3). I have had an S-Corp for years and reporting mechanisms are much simplier, but a non-profit also gives you the leverage in "supplying" your company's operating items tax free. (i.e., office supplies) I recently set-up a 501(c)(7) for a dance company I am the director for and it took approximately 8 months to complete the process -- with existing books. There are several different "types" of non-profits....(c)(3) is the largest, like Goodwill...maybe this venture can be classified under a "smaller" non-profit entity.....any suggestions from IRS employees or attorneys?

The most difficult and time-consuming part will be your budget set-up, especially with no existing books. But don't let this deter you......I am sure I speak for us all in wishing you good luck.

 

[65roses]

Hi...your idea sounds wonderful. Lots of paperwork and reporting requirements with a 501(c)(3). I have had an S-Corp for years and reporting mechanisms are much simplier, but a non-profit also gives you the leverage in "supplying" your company's operating items tax free. (i.e., office supplies) I recently set-up a 501(c)(7) for a dance company I am the director for and it took approximately 8 months to complete the process -- with existing books. There are several different "types" of non-profits....(c)(3) is the largest, like Goodwill...maybe this venture can be classified under a "smaller" non-profit entity.....any suggestions from IRS employees or attorneys?

The most difficult and time-consuming part will be your budget set-up, especially with no existing books. But don't let this deter you......I am sure I speak for us all in wishing you good luck.

 

[65roses]

Hi...your idea sounds wonderful. Lots of paperwork and reporting requirements with a 501(c)(3). I have had an S-Corp for years and reporting mechanisms are much simplier, but a non-profit also gives you the leverage in "supplying" your company's operating items tax free. (i.e., office supplies) I recently set-up a 501(c)(7) for a dance company I am the director for and it took approximately 8 months to complete the process -- with existing books. There are several different "types" of non-profits....(c)(3) is the largest, like Goodwill...maybe this venture can be classified under a "smaller" non-profit entity.....any suggestions from IRS employees or attorneys?

The most difficult and time-consuming part will be your budget set-up, especially with no existing books. But don't let this deter you......I am sure I speak for us all in wishing you good luck.

 

[65roses]

Hi...your idea sounds wonderful. Lots of paperwork and reporting requirements with a 501(c)(3). I have had an S-Corp for years and reporting mechanisms are much simplier, but a non-profit also gives you the leverage in "supplying" your company's operating items tax free. (i.e., office supplies) I recently set-up a 501(c)(7) for a dance company I am the director for and it took approximately 8 months to complete the process -- with existing books. There are several different "types" of non-profits....(c)(3) is the largest, like Goodwill...maybe this venture can be classified under a "smaller" non-profit entity.....any suggestions from IRS employees or attorneys?

The most difficult and time-consuming part will be your budget set-up, especially with no existing books. But don't let this deter you......I am sure I speak for us all in wishing you good luck.

 

[65roses]

Hi...your idea sounds wonderful. Lots of paperwork and reporting requirements with a 501(c)(3). I have had an S-Corp for years and reporting mechanisms are much simplier, but a non-profit also gives you the leverage in "supplying" your company's operating items tax free. (i.e., office supplies) I recently set-up a 501(c)(7) for a dance company I am the director for and it took approximately 8 months to complete the process -- with existing books. There are several different "types" of non-profits....(c)(3) is the largest, like Goodwill...maybe this venture can be classified under a "smaller" non-profit entity.....any suggestions from IRS employees or attorneys?
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<br />The most difficult and time-consuming part will be your budget set-up, especially with no existing books. But don't let this deter you......I am sure I speak for us all in wishing you good luck.
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