How do you restructure a for-profit business to a non-profit one?
We recently found out that even if you earn income from your business as long as the income generated goes back to the business that it can be restructured as a non-profit. We are a church supported work that reaches out to the next generation by discipline in the physical, mental, moral and social issues through Tae Kwon Do. Through our understanding, the moment that you receive income from your business, you ought to be a for-profit enterprise. Recently we received information that this business can be restructured as a non-profit because most of the income is used in the overhead expense and salaries of staff (there are no stock holders in this business).