Starting a for profit and run as not for profit

[cjozwiak]

What is the name of your state? NY

I would like to know if it is legal to start a for profit business and run it to donate to charities and such. I would like to have people vote on where the money goes.

 

[quincy]

Yes. It can be legal.

You should sit down with a business law professional to go over your plans.

Good luck.

 

[adjusterjack]

What is the name of your state? NY

I would like to know if it is legal to start a for profit business and run it to donate to charities and such. I would like to have people vote on where the money goes.

The IRS has lots of helpful information.

Start here:

https://www.irs.gov/charities-non-profits

 

[quincy]

Good link. Cjozwiak is starting a for-profit business not a non-profit.

 

[Taxing Matters]

What is the name of your state? NY

I would like to know if it is legal to start a for profit business and run it to donate to charities and such. I would like to have people vote on where the money goes.

It is. Indeed, a great example is the Newman's own line of food products. The food products are all made by a regular (non tax exempt) business that then donates all its profits to the charity that Paul Newman created. But you will want to meet with a tax attorney for advice on how to do this with the best tax results and without violating any tax law. Good luck!

 

[quincy]

... attorney for advice on how to do this with the best tax results and without violating any tax law. Good luck!

Or any other law.