{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/5e07bd26789ce7ef43d6c05a/5e07bdaa880ab054252def87?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"148-Save Money By Establishing a Non-Profit Corporation For Your Business Instead of a For-Profit Corporation: Inerview with James O'Neil from Training For Safety","description":"<p>Have you ever thought about the money you could save if you didn't have to pay taxes on the profits of your business? Might be nice, eh?</p>\r\n<p>Well, have you ever considered establishing a not-for-profit corporation instead of a for-profit company?</p>\r\n<p>Perhaps it might have some advantages for you!</p>\r\n<p>My guest is James O'Neil. James is a former police officer and now is involved in a company called <a href=\"http://www.trainingforsafety.com/\">Training For Safety</a>.</p>\r\n<p>Having run both types of companies, James is a great guest to introduce the topic.</p>\r\n<p>Enjoy!</p>\r\n<p>Joshua</p>\r\n<p>Pros and Cons of a Not-for-Profit Entity</p>\r\n<p>Pros</p>\r\n<ul>\r\n<li>No Corporate Income tax, often no State or Local Income Tax</li>\r\n<li>Eligible for Public and Private grants</li>\r\n<li>Donations – Cash and Non cash (e.g., batteries)</li>\r\n<li>Corporate structure / Liability protection</li>\r\n<li>Cost savings – Insurance, business license, business discounts</li>\r\n<li>People view nonprofits differently</li>\r\n<li>IRS (kinder and gentler IRS)</li>\r\n<li>Lots of free or low cost assistance</li>\r\n<li>You are a “real” business</li>\r\n<li>Volunteers</li>\r\n</ul>\r\n<p>Cons</p>\r\n<ul>\r\n<li>Must have a nonprofit goal (charitable, educational, religious, literary, or scientific purpose)</li>\r\n<li>Expense to setup (about $1,000)</li>\r\n<li>Lots of time to setup (IRS and State forms & waiting for approval)</li>\r\n<li>Paperwork (but applying recently got easier)</li>\r\n<li>Lack of privacy (tax returns are on Internet)</li>\r\n<li>Shared control (Board of Directors, corporate officers)</li>\r\n</ul>\r\n<p>Book Recommendation:</p>\r\n<ul>\r\n<li><a href=\"http://www.amazon.com/gp/product/1413318967?ie=UTF8&camp=1789&creativeASIN=1413318967&linkCode=xm2&tag=radipersfina-20\" target=\"_blank\">“How to Form a Nonprofit Corporation” by Anthony Mancuso (Nolo Press)</a></li>\r\n</ul>","author_name":"Joshua Sheats"}