The non-profit organization
(NPO) makes it possible to operate, yourself or (more often) jointly (with a minimum
number of people as dictated by your state), a business venture that will
further education and / or research that is for the public good and charitably
accessible to all in the community.
The tax code is written in
such a manner as to allow people to teach others (personally, through
volunteers or organization employees), explore ideas in their field of
expertise, foster innovation and promote cultural and artistic opportunities
without having the liability of business, income or property tax. This book is not about cheating the
IRS. You can’t shelter money, peddle
votes, pursue a political agenda, make up a fake church, enter into land
speculation, promote your macaroni product or any such commercial or unlawful
endeavor. You can, however, take
advantage of a program that will benefit you as a member of the community, but,
for a change, you get to have a significant say in the original charter and
determine the mission.
Starting an educational non-profit isn’t for
everyone. There are quite a few
regulations that confine this sort of enterprise to the truly dedicated. There are a few points you’ll want to
consider before you even get down to comparing the pros and cons of the NPO
structure.
·
Do
you have a burning desire to educate others in your unique expertise?
·
Do
you wish to perform scientific research that will benefit the public good?
·
Might
you look forward to being part of a team?
(You will necessarily be part of an organization, even if you retain
title as founder or president.)
·
Can
you deal with small mountains of paperwork?
·
Is
your regular business enterprise distinct and interesting enough to get people
interested in what you’re teaching?
·
If
your track is research, what can you study that supports the public good or
safety?
·
It
will take awhile to get going – can you wait?
·
Are
you at a point in your career where you’re wondering what your legacy will
be?
·
Do
you want to make the family name look good in your community?
·
Are
you interested with meeting the most brilliant minds in your field?
·
Do
you need very interesting work to keep you going? If business is running smoothly, this might be the sort of
challenge you need.
·
Have you missed out on meeting
interesting people lately?
·
Could you use some more good deeds or
karma?
·
Non-profit means no direct profit or
benefit for you – are you o.k. with that?
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