7 Common Mistakes To Avoid When Forming A Nonprofit
Forming your own 501c3 nonprofit organization is a lot of work, and if not done correctly could cause you some big headaches or even legal issues. Just like with any project, you shouldn’t go at it alone. Even nonprofits need an internal team to help with all of the day-to-day operations and those that are external like consultants. If you’re looking to start your own nonprofit, keep reading to learn about seven common mistakes to avoid in the process. Understanding Nonprofit vs For-Profit A lot of newbies in the nonprofit world overlook just how strict the laws and regulations are to define nonprofit. Walking the fine line between nonprofit and for-profit can land you into some trouble. If you’ve already obtained your 501c3 tax exemption status, you could be at risk to lose it. For example, the amount of revenue a nonprofit receives can only exceed its expenses by so much. Downplaying The Legal Side [...]