Any special tips will help too. Thanks.
2007-06-03 17:49:47 · 5 answers · asked by mzright23 1 in Business & Finance ➔ Careers & Employment ➔ Government & Non-Profit
It's difficult if you go the traditional route of doing the paperwork to become tax-deductible first. It's a lot easier if you find a nonprofit who will sponsor you while you get your program running. That way, any gifts to you are tax-deductible because the nonprofit is the fiscal sponsor, and you spend your time on starting the program, not filling out paperwork. It's really the way to go.
2007-06-03 18:04:10 · answer #1 · answered by Katherine W 7 · 0⤊ 0⤋
It depends on what the purpose of the non-profit is. You will need to obtain state and federal recognition (Incorporate and get IRS non-profit status) and unless you plan on paying start-up and sustained operational costs you will need to find funding.
The first thing you need to do is prepare a business plan researching the need for what ever you plan on doing, is there a market for it, will you be competing with others, etc. Before going too far you should register with your state in order to protect your interests.
Best advise I can offer you is contact the small business administration (see their web site at www.sba.gov) where you will find all kinds of help. Contact SCORE who can give you a lot of free help, check with your local Economic Development organization, talk with your banker and a good CPA (Certified Public Accountant). Do not try going it alone - using the listed resources will make a lot of difference. Most small business fail within the first 1 to 3 years; jumping into business without a good business plan (lot of good sites on Internet) is the first step to going out of business!
2007-06-07 21:29:06 · answer #2 · answered by privateeye4U 3 · 0⤊ 0⤋
Very difficult. My club is in the process now. Be sure to get a CPA. You will never be able to get the paperwork straight. We even had an attorney that could not get the paperwork done to the IRS's satisfaction!!
2007-06-04 00:59:12 · answer #3 · answered by PEGGY S 7 · 0⤊ 0⤋
depends. i'd say it's problematic cause you have to pay for everything.
otherwise, i'd guess you just gather the people that share the interest.
2007-06-04 13:37:49 · answer #4 · answered by Oblivion 3 · 0⤊ 0⤋
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very difficult. and pyramid schemes are radically not non-profit, even if it is someone calling for deaf/dumb/blind.
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2007-06-04 00:58:40 · answer #5 · answered by Anonymous · 0⤊ 1⤋