is it legal to start up my own foundation and sell candy bars door to door for $1 each?

Question

i don't see why not? money in my pocket is a good enough reason to do so,right?

Answer 1

You can set up a non-profit organization or "foundation", but the profit you make cannot go to you. The profit will need to go to another purpose such as charity or a charity cause. If you create a large enough foundation with enough funding you can pay yourself a set salary, but there are lots of different limitations specified in each individual state.

You can set up a sole proprietorship (just you), a partnership (you and another person), or a company (you and several other people) and sell candy for profit only, but just a heads up, people are less likely to buy from a "for-profit" company than for a "non-profit" organization. Also if you do decided to go ahead with this idea (which can be a good idea depending on how you set it up), be sure to consult with a tax adviser. This way you can make sure everything is legal, you make the proper deductions (your expenses), and that you pay the proper taxes and insurances.

Good Luck in your future ventures!

Answer 2

No, because a foundation is a non-profit thing. If the money is going into your pocket, then it is not a non-profit as the law understands the term. Of course, you might start a non-profit corporation ("foundation" generally refers to an endowed entity; you put a lot of your own money into it) to raise funds for some charitable intent, and then pay yourself a salary out of what you collect. But you will not maintain your non-profit status if you do not also do things for the people who were the intended beneficiaries when you set up your non-profit. And the IRS will be on your tail.

Answer 3

I'm not sure what you mean by foundation, but if you're talking about a not-for-profit organization like a church, then you've got a lot of paperwork to do first.

There's nothing stopping you from starting your own company under your own name and selling candy bars door to door for $1.00 or whatever you can get for them. Of course in this case you'll have to pay tax on your profits.

Answer 4

a foundation is an organization that is preoperly registered and takes all its revenues and donates them to a licensed charity. Nothing goes into your pocket.

If you want to set up a company that sells candy door to door, then that is different. You can sell it and keep the profits. Just remember depending on your state you will have to collect sales tax.