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When owning a non-profile company can you...?
Use the non-profit company to attract customers to your company where you profit?
Example.
Let's say that I own a non profit company and the company generates income to pay for food at events that are run by others. We are taking donations to buy food to give to a few vendor at an outdoor event.
I also have a profit company that I own as a contract / freelancer. Am I able to work and be paid by the same people that I gave the food to or is this going to cause a conflict of interest?
Thanks
1 Answer
- BugsyLv 59 years agoFavorite Answer
"Am I able to work and be paid by the same people that I gave the food to "
You don't understand what a non=profitis. Not ALL non-profits are qualified charitable organizations. being non-profit merely means the stockholders do not get paid any dividends or amass any equity aside from their initial investment. All profit must be put back into the business for the purpose of it's mission statement.
For example, a non-profit dental clinic doesn't distribute the profits to the shareholders but instead reinvests them in the company to keep the prices down and to discount the costs of dental work for low income people who would not otherwise be able to afford it.
A qualified charitiable organization is recognized by the IRS.
