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:
- Your motive. Is it to make a profit or your mission?
- Control: do you want to retain control or are you willing to allow a board to control and direct the group?
- Taxes. Nonprofits can apply for and receive tax exempt status.
- Donations: 501c3 tax exempt organizations can accept tax deductible donations.
Listen to the podcast (11 minutes)
What to know more about starting a nonprofit for your homeschool group?
