Finance

How do you restructure a for-profit business to a non-profit one?

min read
Opinions expressed by Entrepreneur contributors are their own.
When operating a for-profit or non-profit business, it should be approached the same way. The only difference is that a non-profit business isn't looking to take the profit from the business, even though you still want to provide the most benefit you can for the organization.

You will have to file documents with the IRS to show that you want to become a non-profit business. Visit www.irs.gov for more information or a local accountant. My main question is what would be your main purpose for changing? In addition, do realize you can still be audited and will still need to justify legitimate expenditures?

More from Entrepreneur

Kathleen, Founder and CEO of Grayce & Co, a media and marketing consultancy, can help you develop a brand strategy, build marketing campaigns and learn how to balance work and life.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Starting, buying, or growing your small business shouldn’t be hard. Guidant Financial works to make financing easy for current and aspiring small business owners by providing custom funding solutions, financing education, and more.

Latest on Entrepreneur