What is the name of your state? Florida
Ive recently decided I want to start a small business to raise money for a "cause" I feel deeply for. I dont intend to recieve donations but plan to sale items and then use part the profit for the "cause."
as hypothetical example: say selling a item for 12$ that after all is done profits 5 dollars which I keep 1$ to compensate for the time I spend running the business.
Is there a certain amout or percentage of profit that is legally acceptable to compensate self; or would I be better off just running it as a for profit business then donating the majority of profit to the cause after pay taxes just to make things simple?
When comes time to actually form the business beyond a idea, I do plan to hire a attorney, but would appreciate any thoughts on subject while Im in planning stage.
Ive recently decided I want to start a small business to raise money for a "cause" I feel deeply for. I dont intend to recieve donations but plan to sale items and then use part the profit for the "cause."
as hypothetical example: say selling a item for 12$ that after all is done profits 5 dollars which I keep 1$ to compensate for the time I spend running the business.
Is there a certain amout or percentage of profit that is legally acceptable to compensate self; or would I be better off just running it as a for profit business then donating the majority of profit to the cause after pay taxes just to make things simple?
When comes time to actually form the business beyond a idea, I do plan to hire a attorney, but would appreciate any thoughts on subject while Im in planning stage.