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Richard - Bizlaw
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Experience:  30 years of corporate, litigation and international law
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Starting a new company in the state of Texas. Several of

Resolved Question:

Starting a new company in the state of Texas.

Several of our competitors use the business structure of: Association,

If we did the same? :

• Can the Business ever be sold for a profit?
• Would we have to share the books with members?
• Would salaries, etc. be public info and voted on?
• Is it possible to do this without a board of directors?

We are currently a C corp.
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 1 year ago.

bizlaw :

Why would you want to operate as a non profit corporation?

bizlaw :

Also, if a non profit is competing with you that aspect of their business is taxed as unrelated business income so they get no advantage being a non profit with respect to that business.

Customer:

we


Really the only reason we have to is allows us some better options with some of the products we offer, as we or considered educational. other than that we don’t really want to

bizlaw :

What are the better options?

Customer:

one of the large company's that manages the curriculum we often use is non profit and seems to favor others

Customer:

non-profits that is

bizlaw :

Here is the answer to your original question. Once you become non profit, any increase in value can never be for the benefit of any individual or group of individuals. If the business were sold, the proceeds after payment of debt would either to other charities or to the Attorney General who would then distribute it to other charities. You would never receive any profit.


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Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 8824
Experience: 30 years of corporate, litigation and international law
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Richard - Bizlaw
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30 years of corporate, litigation and international law