501c3? Non-Profit vs Not for Profit?
What is the difference between non-profit and not-for-profit? Do you need a 501c3 for both? I have a great idea and I want to give back through a huge project I plan to get started within the current year. Can anyone help me differentiate between the two and what paths I would need to take for each?
Thank you!
2007-08-03 07:56:04 · 0 answers · asked by Alvin Y 1 in Politics & Government ➔ Other - Politics & Government
Non-Profit or charitable organizations raise funds to perform some charitable act or mission. Examples are the American red Cross or the United Way
Not-for-profit or fraternal organizations are a group of people that form an organization for fellowship. Examples would be the Eagles and the American Legion
2007-08-03 08:01:15 · answer #1 · answered by davidmi711 7 · 0⤊ 0⤋
501c is an IRS designation for non-profit corporations.
c(3) is for one particular type of non-profit.
Some states make a distinction between "non-profit" and "not-for-profit". Most states pick one or the other term.
2007-08-03 08:13:09 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋