Convert Your Biz to a Nonprofit?
As a woman, you have causes that are close to your heart and you want your company to make the world better while making sure your business thrive. Have you considered converting to a 501(c)(3) – non-profit? If so, are there benefits for you and your company?
Sometimes, the benefits can come at a personal level. “My nonprofit allows me to live my passion,” says Cheryl Burnside, executive director at Phenomenal Women’s Health, Inc. “Over the years, I have owned a physical therapy practice, a consulting company and I’ve even sold retail. However, none of these businesses have fulfilled me.” Her nonprofit helps women get back on their feet after making bad decisions about their health.
Making your company a 501(c)(3) includes benefits like exemption from federal and state corporate income taxes, discounts in bulk mail and other government services and the ability to apply for grants and request tax-deductible donations.
The IRS provides a few questions to help determine if your organization is eligible to apply for exemption from federal income taxation, for example, the purpose of your business and if it’s charitable or not.
After filing your application, create corporate bylaws and operating rules for your nonprofit, appoint the initial directors and choose a business name, advises Yahoo! Small Business.
Bonus PINK Link: Check out this woman who left her start-up behind in order to help rebuild Haiti.
By Muriel Vega
“True generosity must benefit both parties. No woman can control her destiny if she doesn’t give to herself as much as she gives of herself.” Suze Orman
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