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What are the Pros and Cons of Becoming a Non-Profit?

GetAttachment[1]I have recently been contacted by an attorney stating that he can help set up my company as a non-profit. We are currently an S Corp. The reason he gave for this is that we would be legally able to accept payments up front. I have not completely evaluated the pros and cons of Non-Profit vs. Corporation/LLC, etc. What is your opinion on this?

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  1. Janet says:

    My company has been a 501c3 since 2002 providing financial literacy and counseling in debt, credit and home ownership issues. I would rather follow the ‘for-profit’ laws for the reason that the majority of credit repair companies are ‘for-profit’ and the public’s perception is based normally upon the majority.
    If anyone would ever have questions or concerns, I chose to exceed people’s expectations in a positive way. I feel it’s important to know the boundaries of both, even though I chose as a 501c3 to follow the laws of the for-profit business. I chose to serve under the for-profit laws.

    • Trevor Boldin says:

      Please tell me more Janet. I am curious to why you find it less beneficial being a 501(c)(3) company?

  2. Mark Brooks says:

    Great Stuff, Mike. I always learn so much by your webinars each week as well.

  3. Victoria Finch says:

    This is good information. This was suggested to me also. I think it comes down to motive. I listened in on the webinar on Wednesday. As always very good information. However, I did feel like it was a hard sale for Boot Camp this week.

  4. Trevor Boldin says:

    Great stuff as always Mike! Qualified C.S. is currently waiting on our response from the IRS for 501 (c) (3) status. Our companies were just approved as a non-profit about 3 weeks ago now. We listen in on every tip you provide to us for better referral source leads. Thank you and keep it coming…

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