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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.
Brad Sugars answered November 8, 2007
URL: http://www.entrepreneur.com/answer/221215
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

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.