You can hold a fundraiser for the business -- but you must be absolutely transparent about the purpose of the fundraiser. You will also need to let people know that their "donations" are not tax-deductible.

Without the not-for-profit status in place, you're a for-profit company and the rules for charitable deductions do not apply. You might be better served working with a marketing professional who might be able to find you appropriate corporate sponsorship or advertising revenues for the magazine.