What kind of company do I set up to raise money for tuition?
Hello all. I want to go to school and have an idea to raise money by selling items I can make pretty inexpensively. However, I'd like to do so legitimately and would like to start a business. But in order to keep the profits to use for school, would I have to start a non-profit? Either way, what kind of business structure is best for fundraising activity? I am not sure if a lone person raising money for school qualifies as a 501 (c) 3. Thanks for your helpful and kind answers.
vlcebunny2011-11-12T15:04:38Z
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Without knowing what kind of items you're wanting to make, you might be able to form a single-member LLC. You would need to open separate accounts for the LLC, but thte business would not be taxed separately (which would save you money). You can then pay yourself from the business income however you want (take it all for yourself, split between yourself and reinvesting in the business, etc).
For best advice you'd really want to talk to a business lawyer or financial planner (which, if you want to start a business, is a great idea anyway). Depending on what you're going to be making, there may be professional organizations in that field that can point you to low-cost or free resources. For example, in my state there is an organization of lawyers and tax professionals that work on a volunteer basis to advise people wanting to go into business as professional artists; you pay a yearly membership fee and then can request whatever advice you need.
You can't start a non-profit to make money for your school expenses, and an individual never qualifies as a 501(c)3. You'll have to pay tax on your profit, then save some of the after tax amount for school.
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An actual business is very hard to start up; so much paperwork, so much money.
Just sell items on ebay or craigslist. Nobody will bother you, you don't have to pay taxes on anything, you keep your profit.
Most schools have grants, loans and scholarships available. Between those 3 things, you can afford college and pay it back gradually, once you're working.