How is a nonprofit different from a for-profit?
AA nonprofit by definition is an organization that is created to advance a particular cause – but not for the purpose of making a profit. A “for profit” business is generally created to sell a good or service with the goal of making a “profit” for the owners or shareholders of the business..
Can a nonprofit charge for services and make a profit?
AYes. Any leftover profit would be reinvested back into the nonprofit instead of belonging to the founder. In a for-profit business, the founder/owners would keep any profit earned by the business themselves.
Can you earn a salary working for your nonprofit?
AYes. You can earn a full-time salary, benefits, etc. working for your nonprofit.
How much does it cost?
AIt depends on what you need. The best I can say is that at minimum – you will need to pay for filing fees (the fees that go to the government to process your paperwork) in addition to legal fees (the fee paid to the lawyer for spending time doing the work for you). Filing fees alone on the state level are on average around $100 and filing fees on the federal level (again depending on which form(s) you’re filing) are on average $600. That means you will need at least $700 just to cover the filing fees alone. You should then budget above that fee to cover the legal fees for the attorney doing the work for you.
What do I need to get started?
AYou don’t need a business plan or anything. We simply need to know what you want your nonprofit to do. We will send you a (1) new client form and (2) secure payment link to get started. Once those two items are received, we will schedule your appointment with our nonprofit attorney and start the process. We accept all major credit cards, debit cards, Paypal, wire transfers, cash, money orders and bank checks. Checks are subject to a 5-day hold and we will not be able to start the process until it clears from our bank.