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setting up a non profit business (1 viewing) (1) Guest
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TOPIC: setting up a non profit business
#7139
ai1829 (User)
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setting up a non profit business 7 Years, 7 Months ago Karma: 0  
Can someone tell me how people setup charities that own and operate businesses so that they dont have to pay taxes. How are people doing this legally?
 
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#7152
Lex (User)
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Re:setting up a non profit business 7 Years, 7 Months ago Karma: 0  
Thats called tax fraud. The penalty is back taxes and jail. Let me know how it goes for you.
 
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#7317
GelRon (User)
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Re:setting up a non profit business 7 Years, 5 Months ago Karma: 0  
A lot of people are setting up non-profits so that they dont have to pay taxes. The problem with it is that you have to report to the IRS and the local attorney general - the activities of the non-profit and you will be continually monitored. If it looks like most of the profits are benefiting a group of people or the on-profit is an alter ego, then the entity will loose its tax exempt status. In addition, a non-profit can not be "sold" and the profits from any merger can not inure to the benefit of an employee or board member.
 
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#7321
ai1829 (User)
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Re:setting up a non profit business 7 Years, 5 Months ago Karma: 0  
Thanks for your response. I'm not sure why everyone, include CPAs are recommending non-profit status as the best way to do business. I think there is a disconnect between what you are claiming and why everyone is doing it.
 
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#7360
Tomas (User)
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Re:setting up a non profit business 7 Years, 4 Months ago Karma: 3  
I love these get rich schemes. I best people setup non-profits all the time and pocket the cash. What a scam
 
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#7390
norton (Moderator)
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Re:setting up a non profit business 7 Years, 4 Months ago Karma: 0  
If you want to setup a non-profit and pocket the profit, call me to represent you when you get indicted for fraud.
 
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