2 years agoHow to Change My Business to a Nonprofit
An existing business in the United States can change from a registered for profit company to a non profit corporation if its activities qualify. Most non profit businesses are involved in charitable activities to serve the underprivileged public. Social clubs and agricultural organizations may also qualify as they exist to serve their respective groups rather than to make money. The Internal Revenue Service oversees non profit organizations.
Determine if your business will qualify for non profit status. Only companies that provide a service or product to benefit the underprivileged public are able to obtain 501(c)(3) status. Common non profit activities include religious, educational or medical facilities serving low income families, and groups providing public assistance including clothing and food. Private foundations offering grant money to the under served or raising money to give to charities also qualify. If you sell used clothing or bakery rejects you probably would not qualify unless you give the proceeds to charity.
Under Internal Revenue Service (IRS) rules, non profit businesses are organized into three types of entities: sole proprietorship, partnership or corporation. These .
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