Chris Gleo
New Contributor
User Power
Value/Post Ratio
113%
- Apr 21, 2018
- 8
- 9
hey everyone!
I’m thinking about starting a c Corp that donates 100% of profits to a charitable foundation. I want to collect a reasonable salary and donate the remainder. My products competitive edge is its charitable spirit, so I want to advertise “100% of profits go to charity”
Here are my questions...
1. It is legal to record a CEO salary separate from corporate profits right?
2. Is there a way to avoid double taxation with this type of structure?
3. I can’t find a charity/foundation that meets my standards and operates within my company’s niche. So, down the road, can I have a close friend or family member create a foundation that my company will finance?
Basically, i need to keep food on the table, but I have a cause I genuinely want to help with, and I have a great product that just needs a little extra marketing edge... any advise that could help me go from here would be absolutely amazing!
Sorry if I’m missing something obvious or asking dumb questions... I technically haven’t finished business school yet
I’m thinking about starting a c Corp that donates 100% of profits to a charitable foundation. I want to collect a reasonable salary and donate the remainder. My products competitive edge is its charitable spirit, so I want to advertise “100% of profits go to charity”
Here are my questions...
1. It is legal to record a CEO salary separate from corporate profits right?
2. Is there a way to avoid double taxation with this type of structure?
3. I can’t find a charity/foundation that meets my standards and operates within my company’s niche. So, down the road, can I have a close friend or family member create a foundation that my company will finance?
Basically, i need to keep food on the table, but I have a cause I genuinely want to help with, and I have a great product that just needs a little extra marketing edge... any advise that could help me go from here would be absolutely amazing!
Sorry if I’m missing something obvious or asking dumb questions... I technically haven’t finished business school yet
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