Well, have you ever considered establishing a not-for-profit corporation instead of a for-profit company?
Perhaps it might have some advantages for you!
My guest is James O’Neil. James is a former police officer and now is involved in a company called Training For Safety.
Having run both types of companies, James is a great guest to introduce the topic.
Pros and Cons of a Not-for-Profit Entity
- No Corporate Income tax, often no State or Local Income Tax
- Eligible for Public and Private grants
- Donations – Cash and Non cash (e.g., batteries)
- Corporate structure / Liability protection
- Cost savings – Insurance, business license, business discounts
- People view nonprofits differently
- IRS (kinder and gentler IRS)
- Lots of free or low cost assistance
- You are a “real” business
- Must have a nonprofit goal (charitable, educational, religious, literary, or scientific purpose)
- Expense to setup (about $1,000)
- Lots of time to setup (IRS and State forms & waiting for approval)
- Paperwork (but applying recently got easier)
- Lack of privacy (tax returns are on Internet)
- Shared control (Board of Directors, corporate officers)