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Best Business Type For You
Transcript of Best Business Type For You
Primary Function? To make a Profit To Benefit the Community To Benefit the
making a Profit For more information
on various for profit
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Mar/22/162.html An L3C (low profit limited liability corporation): A business structure that allows a market of investment to be built for a financially risky, but socially beneficial activity.
http://www.masurlaw.com/?p=3212 Possibly a Not-For-Profit Is the organizations reason for operating: religious, charitable, scientific, testing for public safety, literary, educational, or prevention of cruelty to animals or children? Your organization does not meet IRS guidelines for becoming a not for profit Is there already someone doing this work in your area?
Is your organization relatively small in actual size (with a project budget of less than $30,000) and specific in its focus?
Is there more work in this area then this other organization is capable of handling?
It is not recommended that your organization become a not-for-profit, since it will only be competeing with an already established organization for work and funding. If so, it may not be worth the hassle of going through the process or dealing with the upkeep Do you intend for lobbying or political activism to be a large part of the organization's funcion? To gain not-for-profit status, the organization can not take part directly in lobbying or political activism Do you have a volunteer or team member with the legal knowledge to help with the legal process? If not, someone qualified will likely need to be hired . Do you have a member capable and willing to handle accounting and reporting work?
Becoming a non-profit will mean needing to keep even better track of where funding goes in order to maintain records needed to keep not-for-profit status. Are you prepared to maintain paper work showing that restricted and conditioned gifts have been used appropriately? Some donors require that their funds be used for specified purposes and paperwork must be kept to show that the organization complied with their wishes.
Will this organization be able to maintain its current activities once it becomes a nonprofit?
The possibility that the not-for-profit structure may have an effect on the ability of the organization to maintain its prior activities should be recognized. If this will interfere with the organization's mission, it may be best to keep the current structure. Does this organization have human resources to grow if it becomes a nonprofit?
Is your current structure preventing you from pursuing you mission? If the organization will need additional people power in order to become a not-for-profit, new members will need to be hired or the organization will need to stay in its current form. Although your current structure is not detrimental to your mission, if you would be better able to function as a not-for-profit and are willing to take on the extra work, it should still be considered. If your ANswers have Led you this far or You have looked into Necessary considerations, Then a not-for-profit structure should definately be looked into as a potentially beneficial structure for your organization
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