NEED ADVICE (Business)

This is a discussion on NEED ADVICE (Business) within the Off Topic & Humor Discussion forums, part of the The Back Porch category; EB31 What a kind thing to do, My wife and I are in no way rich $$ people, but we always manage to find a ...

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Thread: NEED ADVICE (Business)

  1. #16
    VIP Member Array varob's Avatar
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    EB31

    What a kind thing to do, My wife and I are in no way rich $$ people, but we always manage to find a few dollars for the folks in our area that have less than we do.

    A buddy of mine started s non profit and he used Legalzoom.com to help navigate thru the maze of guidelines.

    Good luck with this.
    Don't believe what you hear and only half of what you see!
    -Tony Soprano

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  3. #17
    Ex Member Array EB31's Avatar
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    Thanks Varob. Been researching on and off today, will.check out that site as well.

    Thanks again.

  4. #18
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    Quote Originally Posted by EB31 View Post
    Ok. I would like some serious advice...guidance if you will...on what I may or may not need to begin a small, family run non profit operation.

    Do I need a business license to operate?

    Would I need a business license to have items donated from companies?

    Would I need a tax exemption number to get said donations?

    How do I get a tax exemption number?

    Non profit means NON PROFIT! Not one penny changes hands. Not for gas money, no salaries...nothing! I feel so many non profit organizations are full of crap with their CEO's driving BMW's and living in $450,000 homes etc.
    An admirable mission.

    - The need for a business license depends on your state, county and local laws and regulations.

    - No one needs a license to get free stuff (donations) - but you will be asked to furnish proof that you are a charitable organization, so the donors get to write off the value of what they donate. This is one duck you need to line up before you start asking for donations.

    - Again, depending on your state and local laws, a "tax exemption number" is only necessary so that you may not have to pay a sales/use tax on any of the things you purchase to make your business run. Even though you're a charitable org, you may need to buy supplies of some sort on which you would normally pay sales tax.

    - You will also need to look into Federal tax laws. Understand that there is a difference between a not-for-profit organization and a true charitable organization (typically called a "501(c)(3)" charity). A lot of state tax laws mimic the Federal ones, but you will have to do your "due diligence" and scope out both.

    - Be prepared to get anal retentive about keeping good records - that's important for your donors as well as for your own protection from the IRS! What you receive, what you give away, and receipts for any expenses incurred are the minimum.

    - Be aware that some localities with restrictive zoning won't even allow a charitable organization to operate in a residential zone. For the most part, as long as you don't annoy the neighbors, though, no one would either know or care.

    Good luck with your venture!
    Smitty
    NRA Endowment Member

  5. #19
    Member Array babyhulk's Avatar
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    Sorry, I can't offer any business / professional advice BUT I wanted to offer my encouragement and support.
    PLEASE keep us all posted on your project and good luck to you - I'm sure EVERYONE here is in your corner!!
    Babyhulk
    NRA Life Member since 2010

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