The 5 reasons why starting a nonprofit may be the right move for you

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The 5 reasons why starting a nonprofit may be the right move for you:

    A nonprofit is a legal body of interest that establishes an operation that helps assist public or private foundations. Non- profits help battle fund mismanagements as their goal is not to financially assist the owners of the corporation but the goal of the profit.

                                                                                                                                                            I STOCK by Getty Images

So you’re thinking about starting a nonprofit and you’re hoping to find a push in the right direction? Then you’ve come to the right place. Your desire to start a nonprofit must have gotten you wondering about the hows, why and… benefits? Well, here are five reasons why starting a nonprofit may be the right move for you.

  • Hard work pays off
Though times may get tough, hard work pays off. Knowing that your performance and dedication to helping find a solution to a problem that you’re deeply passionate about will assist you in the long run. Your contribution to society may provide a better place for your community, planet, or environment in a way that could not have been achieved if you had not pursued with your efforts.

  • You'll get payed ... (maybe)
Trust is an important relationship that non profits must maintain with their clients. However, contrary to popular belief, some owners do get payed for there efforts. However, this does not apply to everyone and most of the funds should still be going to you’re nonprofit. Therefore, executives should be disclosing their salaries on an annual basis. For more information check out https://theblueheartfoundation.org/how-non-profit-business-owners-get-paid/

  • Property
Property from the historic society can be obtained by the nonprofit, as there are no taxes when the shares are sold. However, before doing anything, make sure you have the correct permits and paperwork before going forth in this endeavor. Though there are many benefits, each case is unique, so it’s best to advise a professional before making any major decisions. It’s also good to keep in mind that if the building has been misused, you will be liable for paying its taxes. For more information go here https://bizfluent.com/info-12137302-tax-treatment-nonprofit-gain-real-estate.html

  • Tax Exemptions 

You may be eligible for tax exemptions. Though you would still have to apply and get an approval from the ‘Internal Revenue Service’, your non-profit could still be excused. However, if you are eligible and get a tax exemption, make sure to file your paperwork and status regularly. If an organization does not file for three years, they lose any immunity from the IRS. For more information, check out https://www.irs.gov/charities-non-profits/federal-tax-obligations-of-non-profit-corporations

  • Mailing Permit

    You’re nonprofit can apply for a mailing permit which can help reduce the postage rates. Organizations within the United States who can meet the requirements are eligible for reduced mailing prices. The U.S. Postal Service also allows leeway for nonprofits to work without jeopardizing their eligibility status. For more information go to
      https://faq.usps.com/s/article/What-is-Nonprofit-Mail#:~:text=000003074-,Nonprofit%20Mail%20is%20printed%20material%20eligible%20to%20be%20mailed%20as,as%20First%2DClass%20Mail%C2%AE.

                                    I STOCK by Getty Images



      Author: M. Bonilla

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