Also, can a private individual accept loans and pay back interest on those loans? This is a question for inside the U.S. Thanks ...
2007-01-03 09:28:30 · 2 answers · asked by mrs p 1 in Politics & Government ➔ Law & Ethics
Absolutely. Non-profit organizations are just like any other entity. The non-profit classification is for tax purposes. But, they're just like any other business really, except they have a different goal than making the most money possible.
I'm not quite sure I get the individual part. You mean, if the non-profit has a loan, but some private individual pays the interest on it? If so, I don't get where the "accept" the loan part comes in.
2007-01-03 09:32:46 · answer #1 · answered by Linkin 7 · 0⤊ 0⤋
It is legal. Non-Profit, Private organizations have assets as well. If you have assets, you can get a loan.
2007-01-03 09:33:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋