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Hello. I have several business startup questions, but need…

Hello. I have several business...
Hello. I have several business startup questions, but need to supply some background info first. I'm seriously considering purchasing a defunct factory at a judicial sale at the end of November with my own funds and, if I can swing it, crowdsourced funds.
After purchase, it will take considerable time and expense to repurpose it for anything other than private use as storage/studio space. That said, the eventual intent is for it to be multi-purpose (private and business use). I currently own a residence in
NJ and have a rental property in another state that I plan to sell in March 2015 when the lease expires. The market is pretty good in this area (Austin, TX) and barring unforseens it may sell fairly quickly at a fairly good price. That will supply me with
some additional funds. I have a very limited amount of small-business experience (I'm in my 27th year at a large corporation) consisting mostly of some freelance design work about 15 years ago. My gut tells me that some kind of business status is needed. Can
I start as a for-profit business that changes to non-profit? Is the reverse true? Ditto LLC vs Corp. There's a lot of information out on the web but it's given in very broad strokes and difficult for me to apply to my particular scenario. Your thoughts?
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Answered in 46 minutes by:
10/29/2014
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,763
Experience: 30 years of corporate, litigation and international law
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Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.
There are some basic rules you have to keep in mind. First you cannot convert from a for profit business to a non profit business. The two entities cannot be mixed. For example, a non profit that ceases to operate generally has to transfer all its assets to another non profit or the state.
If you are not going to have a lot of owners involved with the project you are probably best served by forming an LLC. If you are the only owner, you file the taxes for the business on Schedule C of your personal return so you do not need a separate tax filing as you would if you were incorporated. You can convert a LLC to a corp and vis versa.
I am not sure what other information you need.
If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,763
Experience: 30 years of corporate, litigation and international law
Verified
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