• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. The forum software will be upgraded on Sunday May 26th and may not look normal during the transition. Some functionality may be offline. This is TEMPORARY and is expected to last up to 8 hours.
  2. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

OFF-TOPIC How Do I Organize a Non-Profit?

Discussion in 'Off Topic: Sports, Funnies, Pop-Culture' started by liv42dy, Feb 1, 2008.

  1. liv42dy
    Offline

    liv42dy New Contributor

    Messages:
    48
    Likes Received:
    6
    Joined:
    Nov 6, 2007
    Rep Bank:
    $1
    Before I get into too much detail about what I would like to accomplish, I would like to know if this subject has already been addressed before (please point me to the thread).

    Thanks!
     
  2. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    28,047
    Likes Received:
    93,365
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $404,821
    Admin Post
    In AZ, you just go down to the Corporation Commission and file papers to form a tax-exempt, non profit company.

    Your tax/government filing requirements will be much different and that's where my insight will trail off....
     
  3. kurtyordy
    Offline

    kurtyordy Bronze Contributor

    Messages:
    2,376
    Likes Received:
    276
    Joined:
    Aug 28, 2007
    Location:
    PA
    Rep Bank:
    $240
    I have used legalzoom.com for a for profit, maybe they help with non-profit.
     
  4. liv42dy
    Offline

    liv42dy New Contributor

    Messages:
    48
    Likes Received:
    6
    Joined:
    Nov 6, 2007
    Rep Bank:
    $1
    Filing the necessary paperwork is a given...but what I am trying to do requires more than just paperwork.

    I want to build/buy a place that will allow me to help single/divorced/widowed women who are sick, do not have medical insurance, and unable to work outside the home. I want to give them a place where they don't have to worry about paying bills or fixing meals -- just rest and recooperate until they can return to their "normal" lives.

    I want to provide all sorts of programs for these women: pay for medical treatments and medications, give them a place to a live, educate them on money and business, arrange work-at-home programs, emotional/spiritual healing, etc.

    So here's what I need:

    A place, like a motel than can be refurbished into individual suites or a set of duplexes with a community center (for classes and programs). And, of course, money to purchase said place.

    People who are knowledgable on government programs and can take care of filing the necessary paperwork.

    Money for paying medical expenses, rides to doctor appointments, utility expenses, food and food preparation expenses, compensation for teachers and guest lecturers, etc, etc, etc.

    But before I get too far ahead of myself, my first priority is a "place". How does a non-profit go about buying a location that is suitable for their needs?
     
  5. kurtyordy
    Offline

    kurtyordy Bronze Contributor

    Messages:
    2,376
    Likes Received:
    276
    Joined:
    Aug 28, 2007
    Location:
    PA
    Rep Bank:
    $240
    you either need cash from people who donated or you wil probably need to personally gaurantee a loan.
     
  6. Diane Kennedy
    Offline

    Diane Kennedy Bronze Contributor

    Messages:
    795
    Likes Received:
    209
    Joined:
    Aug 31, 2007
    Rep Bank:
    $134
    There are two different issues that I see in your posts:

    (1) How do I form a Non- Profit? MJ is right, it starts with the state non-profit formation. That's easy. You then need to get 501(c)(3) or 501(c)(9) status from the IRS. That's tough. Figure on at least 2 years and $10K or so in legal fees to get that one done. The shortcut that I used on my son's nonprofit was to find a Community Foundation that put his nonprofit under their umbrella. He had immediate 501(c)(3) status and so donations were tax deductible from day one. I strongly recommend that. You will probably have to do a lot of hunting to find one to do it (because it's a risk for them - if you screw up, they can lose the status for everything) and you'll probably have to meet with the Board several times, write up a plan, etc... But it is still easier than the IRS process.

    (2) Funding the Non-Profit. That's a whole different story. There was a great thread that one of our members from Down Under had posted with solutions that were innovative. Jorge, if you're reading this, maybe you can help me out with remembering that thread. i remember you were active in it as well.

    Best of luck with this.
     
  7. liv42dy
    Offline

    liv42dy New Contributor

    Messages:
    48
    Likes Received:
    6
    Joined:
    Nov 6, 2007
    Rep Bank:
    $1
    Diane:

    You always have the best advice! Thank you!
     
  8. Jorge
    Offline

    Jorge Bronze Contributor

    Messages:
    583
    Likes Received:
    103
    Joined:
    Oct 5, 2007
    Location:
    Mendoza, Argentina
    Rep Bank:
    $252

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page