What are the advantages/disadvantages of becoming a nonprofit organization?
Advantages Article taken from grantspace.orghttps://grantspace.org/resources/knowledge-base/pros-and-cons/ Tax exemption/deduction: Organizations that qualify as public charities under Internal Revenue Code 501(c)(3) are eligible for federal exemption from payment of corporate income tax. Once exempt from this tax, the nonprofit will usually be exempt from similar state and local taxes. If an organization has obtained 501(c)(3) tax exempt status, an individual’s […]