2007-11-06 09:13:56 · 5 answers · asked by Mary B 1 in Business & Finance ➔ Careers & Employment ➔ Government & Non-Profit
Yes, but please keep them entirely apart from each other.
Seperate books, records, lines of credit, and most important, seperate checking acounts.
Beware of the IRS. They may see something like this , and wonder, 'are you using the non profit to shield the business income from taxation?"
I can almost guarantee an audit. The better your records are, the better chance you have of substantiating your claim.
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2007-11-06 16:18:06 · answer #1 · answered by TedEx 7 · 0⤊ 0⤋
If they are 2 separate entities, yes, a person can run an NPO and a small Business.
2007-11-06 17:19:32 · answer #2 · answered by The Major 4 · 0⤊ 0⤋
NOT if you pilfer the stock of the non-profit to add to the private stock of the profitable business......( It has been known to happen before ! ). I feel that ethically the two should not be run together.
2007-11-06 21:36:20 · answer #3 · answered by maharg 3 · 0⤊ 0⤋
Yes, but they would be completely separate entities with different rules.
I hope you have help.
2007-11-06 17:38:00 · answer #4 · answered by auntiegrav 6 · 0⤊ 0⤋
That'll be $6.95. ...Do you want Fries with that?
2007-11-06 17:39:26 · answer #5 · answered by Pango 5 · 0⤊ 0⤋