Ask Entrepreneur

Should I make my business a non-profit?

I want to start a ranch for underprivileged children. I would need resources to purchase the land and facilities. Profits would pay salaries. Should this be non-profit?

The goal would be to start the kids when they were in middle school and have them work the ranch through high school until they graduated. The profits would also be used to start a college fund for each graduate of the program.
Hi,

Put simply, yes, I would guess not-for-profit would be a great choice. Your higher purpose is generally a great case for why you would use not-for-profit status. Get a great accountant or attorney who does a lot of work with NFP entities and make sure you are set up right from day one.

All the best,
Brad Sugars

Share Your Thoughts

Today's Editor's Picks

About ASK ENTREPRENEUR

Ask Entrepreneur is a question-and-answer forum for and by the Entrepreneur.com community. Send in your burning business question, or comment on someone else's now. Have a Question? Ask Now

Topics (over 1000+ answers)

Ask Entrepreneur Q&A Hangouts

Google + Hangout With Shark Tank
Google + Hangout With Jason Falls
Google + Hangout With Angela Jia Kim
Google + Hangout With Grant Cardone

ASK Quick Tips