• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Starting a for profit and run as not for profit

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

#1
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.
 


#5
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!
 
Sponsored Ad

Top