Chris Gleo
New Contributor
User Power
Value/Post Ratio
113%
- Apr 21, 2018
- 8
- 9
Hey everyone!
So I’ve set up a company that sells goods and gives 100% of profits to charity. The company is owned by a board consisting of my close friends and is set up to pay me a reasonable salary... My latest marketing campaign has generated a ton of interest from people who want to donate, but I currently do not accept donations. So...
1. Can I claim to be a “not for profit LLC” without applying for tax exempt status?
2. Can the company accept donations (gifts) and use a portion of those funds to cover my salary or other expenses?
3. Is there any impending legal disasters in my not so distant future?
It should be noted that the cause I’m supporting does not necessarily have an established non-profit I can refer people too
Thanks!
So I’ve set up a company that sells goods and gives 100% of profits to charity. The company is owned by a board consisting of my close friends and is set up to pay me a reasonable salary... My latest marketing campaign has generated a ton of interest from people who want to donate, but I currently do not accept donations. So...
1. Can I claim to be a “not for profit LLC” without applying for tax exempt status?
2. Can the company accept donations (gifts) and use a portion of those funds to cover my salary or other expenses?
3. Is there any impending legal disasters in my not so distant future?
It should be noted that the cause I’m supporting does not necessarily have an established non-profit I can refer people too
Thanks!
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