Thirtyfive2seven Posted March 27, 2012 Share Posted March 27, 2012 Ok, so I want to start two separate companies (I think). One would be a non-profit. The other, can it be under the same name?, would be a for-profit because we have products and services to sell. I looked online at legal zoom and when I try to form a non-profit it wants me to enter a name that ends with CORP or INC. I don't want to do this? or do I? I'm utterly, hopelessly confused. Any advice would be much appreciated. Thank you! http://managementhelp.org/misc/How-to-Start-Nonprofit.pdf I found this so far - so maybe my googling will pay off. Link to comment Share on other sites More sharing options...
LadySkinsFan Posted March 28, 2012 Share Posted March 28, 2012 First, start with Virginia's laws on starting corporations, and it will tell you exactly what you need to do to file. Since one of the companies you want to start will be non-profit, you can call it Inc. And LLC and S and C corporations are the for profit types of companies. You really should get a lawyer or at the very least a tax person to help you pick which one will be more beneficial to you in Virginia. Different states have different advantages, tax and otherwise, depending upon which type you choose. Good luck in your endeavors! Link to comment Share on other sites More sharing options...
TheGoodBits Posted March 28, 2012 Share Posted March 28, 2012 Really depends on the business. Most cases LLC will be more advantageous for tax purposes i believe. If you decide to incorporate, talk with a lawyer about the advantages of different states. I know Delaware is really popular for businesses because of loose corporate laws. Note- doesn't matter where you are actually located. Link to comment Share on other sites More sharing options...
chipwhich Posted March 28, 2012 Share Posted March 28, 2012 You really should get a lawyer or at the very least a tax person to help you pick which one will be more beneficial to you in Virginia.Good luck in your endeavors! Theres your answer. You can't answer this on a message board. You pay a business accountant (not H&R block or some weekend warrior firm) or get an initial consultation to explain your business. An accountant will explain to you the best legal entity for your endeavor. If you are the sole owner, you can then file online or in person for your for profit business. If you have a partner, hire a lawyer ASAP. For a non profit, I would recommend a lawyer in any case. Link to comment Share on other sites More sharing options...
Mr. S Posted March 28, 2012 Share Posted March 28, 2012 There are benefits to both which you can probably do some light reading on wiki to determine. For your for profit, you probably want an LLC. I honestly have never organized a non-profit before, but I know my boss has and he handles more of the business/transactional law cases at our firm. Feel free to message me and I can certainly find out some answers for you from my boss. Not trying to actively solicit, but my advice is with two entities that are related like this, I would not use legal zoom. We have had people who came in after trying it without great results. Consult with an attorney before trying anything. Link to comment Share on other sites More sharing options...
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