Friday, June 26, 2020

non versus not for profit

It's been suggested that we get official, so I've been doing lots and lots of reading and research, looking at how others have accomplished similar goals without going broke when they are first getting started! Though we relate to statements in both categories, it looks like eventually if we do any paperwork, we will do the paperwork to operate as a not-for-profit. But for now, until others find their way to us and get involved, we are funding this ourselves. So please see my little "peddler links" in the righthand sidebar if you want to contribute even a tiny amount by making a related purchase. And the tea room at the Sugar Tree does accept tips!

In case you are wondering what the differences are between the two, there are four main bullet points:

  • - Nonprofits are formed explicitly to benefit the public good; not-for-profits exist to fulfill an owner’s organizational objectives.
  • - Nonprofits can have a separate legal entity; not-for-profits cannot have a separate legal entity.
  • - Nonprofits run like a business and try to earn a profit, which does not support any single member; not-for-profits are considered “recreational organizations” that do not operate with the business goal of earning revenue.
  • - Nonprofits may have employees who are paid, but their paychecks do not come through fundraising; not-for-profits are run by volunteers.

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