Can I hold a fundraiser for a business I am trying to turn into a nonprofit?
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.
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.