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Most nonprofits filed with the Internal Revenue Service fall under IRS code 501(c)(3). These organizations include public charities or private foundations, which are established for purposes such as religious, educational, scientific, literary and testing for public safety, to name a few. More»
Many of the terms surrounding the purchase of a hotel business can sound familiar--"franchise," "turn key operation" and "operating results" are all terms that are used in business fields outside of the hospitality industry, so you're likely to have encountered them if you're a business owner. Happily, in the hospitality industry, they generally retain the basic meaning that you're familiar with. More»
Starting a nonprofit organization is different than starting many other companies or corporations. There are specific rules that must be followed in order to maintain nonprofit status, as well as documentation that must be provided while completing the organization paperwork for the state and federal government.
The first task is to determine what the mission of the nonprofit organization is going to be and how to file the paperwork so that you have a certain amount of leeway concerning achievement of the goals. Also, setting up the framework and salary structure of the board of directors, president and other officers must be taken into consideration.
The easiest part about starting a nonprofit organization may the decision to hire an experienced consultant. A consultant generally has the experience you may lack when it comes to filing the necessary paperwork, applying for fee waivers, and advertising the formation of the nonprofit entity. Rather than making the wrong decisions and being forced to backtrack, you may want to consider hiring a professional who can help you do it right the first time.
To learn more about setting up a nonprofit organization, hiring a consultant or any other aspect of running your business, please feel free to utilize the information gathered routinely by Business.com. The resources found on the left side of this page can help you get started.