Have Tax Questions? Ask a Tax Expert for Answers ASAP
Welcome and thank you for giving me the opportunity to assist you with your tax question.
You are on the right track. My best advice would be to keep EVERYTHING in the "for profit" SEPARATE from the "non-profit."
Will this be a collaborative venture or totally separate?
It shows at my end that you are now offline. Please come back to me if you require further information or clarification.
Please keep in mind that documenting the structure and the various transactions needs to be done carefully to avoid legal, accounting and tax problems. Make sure you consult with someone who knows what they are doing before you proceed too far.
Thank you and best regards,
The venture will be totally separate.
There is no problem with the head of your non-profit and board member using part of his office as an office for the non-profit. As I said in my earlier response, the separation must be distinct and meticulous records must be kept. The items you mentioned in your original question are a few examples of the separateness that must be adhered to if it takes place.
Please feel free to follow-up with me with any further questions you may have.
Hello again, Bria.
Just a short note to thank you for the "excellent" rating. It is most appreciated.
Please feel free to put "for bkb1956 or Barb" in the subject line of any future questions you may have.
I look forward to assisting you again in the future.
All the best,