A woman asks if her Classical Conversations homeschool program should be a for-profit business or a nonprofit organization.
Carol Topp, CPA explains the four differences between for-profit and nonprofits.
The differences include:
1. Your motive. Is it to make a profit or your mission?
2. Control: do you want to retain control or are you willing to allow a board to control and direct the group?
3. Taxes. Nonprofits can apply for and receive tax exempt status.
4. 501c3 tax exempt organizations can accept tax deductible donations.
Listen to the podcast (11 minutes)
Phone Consultation with Carol Topp, CPA
Phone Consultation: A pre-arranged phone call to discuss your questions. My most popular service for homeschool leaders. It’s like having your own homeschool expert CPA on the phone!
Cost: $85/hour to nonprofit organizations. $100/hour to for-profit businesses. $60 minimum.
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