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
Our Franchise Advisors will guide you through the entire franchising process, for FREE!
  1. Book a one-on-one session with a Franchise Advisor
  2. Take a survey about your needs & goals
  3. Find your ideal franchise
  4. Learn about that franchise
  5. Meet the franchisor
  6. Receive the best business resources
Discover the franchise that’s right for you by answering some quick questions about
  • Which industry you’re interested in
  • Why you want to buy a franchise
  • What your financial needs are
  • Where you’re located
  • And more
Try a risk-free trial of Entrepreneur’s BIZ PLANNING PLUS powered by LivePlan for 60 days:
  • Get step-by-step guidance for writing your plan
  • Gain inspiration from 500+ sample plans
  • Utilize business and legal templates
  • And much more

Latest on Entrepreneur