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    jenna5's Avatar
    jenna5 Posts: 1, Reputation: 1
    New Member
     
    #1

    Dec 8, 2016, 08:54 AM
    What is the difference between a non profit or a profit foundation!
    I'm looking to start a company for celebral palsy to raise money and help people. I just would like to know the difference between non profit and profit foundation. Thank you
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #2

    Dec 8, 2016, 10:05 AM
    If you are in the US, go to irs.gov and find the 501c3 section (most common type of not for profit), including the application.
    If approved, you are exempt from taxation on money you raise and use for salaries, equipment, rent, utilities ---- and actual use as charitable funds.
    These days it isn't easy to get approved all on your own. You need a board of directors and so on. Many little 501c3's start under the sponsorship of an established 501c3.

    If you are a for profit company, you are taxed if you make a profit.

    There are many books on these subjects so there's no point to rewrite them here.

    https://www.usa.gov/start-nonprofit
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
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    #3

    Dec 8, 2016, 04:27 PM
    The name alone should give you hints. Not every non profit is great, many CEO's have bled them by high salaries. Look at the salaries of the "non profit" Clinton Foundation.
    Chelsea Clinton's Annual Salary, Stock and Options


    Salary and Bonus
    Stock Awards
    Option Awards

    $50,000
    $249,936
    -


    Chelsea Clinton's Insider Transactions



    Last 3 years

    Option Exercised
    Stock Sold
    New Equity Grants

    -
    $499,890

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