I want to setup a nonprofit that, in addition to its charity, owns a for-profit consumer service. The business aspects would be subject to US federal income tax. What is the best way to set this up? 501c3 + LLC? 501c3+S Corp? Other?
I want the business to be able to transfer 50% of its income to the nonprofit. I know a citizen could do 50% with an LLC if it was owned personally, but how can I transfer the most income to the nonprofit from the business if it's owned by the nonprofit? And certainly want to separate the two entities, and benefit from limited liability.
Stated a little differently, if a citizen can contribute 50% of his income, or the income associated with an LLC, to charity and reduce taxable income by 50%, how can a 501c3 or similar nonprofit get the same privilege? If a business is owned by a nonprofit, how can the nonprofit basically donate 50% or more of business profits to itself?
I want the business to be able to transfer 50% of its income to the nonprofit. I know a citizen could do 50% with an LLC if it was owned personally, but how can I transfer the most income to the nonprofit from the business if it's owned by the nonprofit? And certainly want to separate the two entities, and benefit from limited liability.
Stated a little differently, if a citizen can contribute 50% of his income, or the income associated with an LLC, to charity and reduce taxable income by 50%, how can a 501c3 or similar nonprofit get the same privilege? If a business is owned by a nonprofit, how can the nonprofit basically donate 50% or more of business profits to itself?
Federal Taxes: Nonprofit Ownership of a For-Profit Business
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