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Radical Personal Finance

977 EpisodesProduced by Joshua SheatsWebsite

Joshua J Sheats, MSFS, CFP, CLU, ChFC, CASL, CAP, RHU, REBC is a financial planner who teaches people how to live a rich life now while building a plan for financial freedom in 10 years or less. He mixes creative approaches to lifestyle design, deep-dive financial planning techniques, and hard-core … read more

1:05:18

148-Save Money By Establishing a Non-Profit Corporation For Your Business Instead of a For-Profit Corporation: Inerview with James O'Neil from Training For Safety

Have you ever thought about the money you could save if you didn't have to pay taxes on the profits of your business? Might be nice, eh?

Well, have you ever considered establishing a not-for-profit corporation instead of a for-profit company?

Perhaps it might have some advantages for you!

My guest is James O'Neil. James is a former police officer and now is involved in a company called Training For Safety.

Having run both types of companies, James is a great guest to introduce the topic.

Enjoy!

Joshua

Pros and Cons of a Not-for-Profit Entity

Pros

  • No Corporate Income tax, often no State or Local Income Tax
  • Eligible for Public and Private grants
  • Donations – Cash and Non cash (e.g., batteries)
  • Corporate structure / Liability protection
  • Cost savings – Insurance, business license, business discounts
  • People view nonprofits differently
  • IRS (kinder and gentler IRS)
  • Lots of free or low cost assistance
  • You are a “real” business
  • Volunteers

Cons

  • Must have a nonprofit goal (charitable, educational, religious, literary, or scientific purpose)
  • Expense to setup (about $1,000)
  • Lots of time to setup (IRS and State forms & waiting for approval)
  • Paperwork (but applying recently got easier)
  • Lack of privacy (tax returns are on Internet)
  • Shared control (Board of Directors, corporate officers)

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