Josh Wagner, Principal
413 Western Drive #15
Santa Cruz, CA 95060-3078
ph 831-423-two-3-two-3
fax 831-401-one-zero-eight-two
joshwagner@aol.com

¡HABLAMOS ESPAÑOL!

 

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    Non Profit Advantages (and Restrictions)

    What are the advantages of forming a non profit corporation?

    1. Your non profit will be exempt from state and federal income tax.
    2. You'll be able to receive gifts and grants not available to businesses and individuals.
    3. Donations to your non profit will be tax-deductible.
    4. You'll be able to provide employee benefits such as health insurance and retirement plans.
    5. You'll gain a clearer sense of identity and purpose as well as the good will that comes with being a non profit.
    6. Your non profit may qualify for exemption from property tax.
    7. You'll qualify for special non profit bulk mailing rates (and even discounted rental rates).
    8. You'll enjoy limited personal liability if legal action is brought against your non profit or if it falls into debt.
    9. Your non profit will remain in existence even if you no longer maintain your connection to it. 

     Are there any restrictions in running a non profit corporation?

    1. There are some limitations on who may receive a salary from your non profit.
    2. The assets of your non profit may not be distributed to your directors or officers (but salaries are allowed).
    3. Your non profit may not support or oppose political candidates and may influence legislation only to a limited degree.
    4. There are limitations on the amount of unrelated business activities your non profit may engage in.
    5. You will need to maintain accurate financial records, file yearly tax returns, and hold meetings of your Board (and document them in the form of minutes).