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6 Replies Last post: Sep 8, 2009 10:19 AM by MoveForward

NON PROFIT vs Profit

Sep 7, 2009 7:10 AM

Click to view ComHall's profile Professional ComHall 4 posts since
Sep 6, 2009
I am Starting To Build the Comedian's Hall Of Fame. in Las Vegas NV. It is Moving Fast and will be a Very Successful Attraction Venue...
My Question is...
Is it better to Start Up as a Non Profit Museum or Have it as a profit Company with a Non Profit Foundation
Thank you in advance...
Matt
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,926 posts since
Aug 6, 2007
1. Re: NON PROFIT vs Profit Sep 7, 2009 1:26 PM
NON PROFIT vs Profit, Welcome Matt and the best of luck with the Comedian Hall of fame.

You should talk to both YOUR Lawyer and Your Accountant.

LUCKIEST
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Click to view MoveForward's profile Mogul MoveForward 148 posts since
Aug 13, 2009
2. Re: NON PROFIT vs Profit Sep 7, 2009 5:22 PM

To receive a Non-Profit status this will take you approx. 18 months
PLUS you first have to have a Comedian Hall of Fame Board of
Directors (they would have a say to how the place is run) and
have held a business licenses for the place for one year.
The paperwork is unbelievable and numerous guidelines that
would prohibit your type of mission to be limited. However,
you can fall under someone elses 501 if you want to give them
a portion of the proceeds, again I would advice against this route.

I suggest becoming a profit Hall of Fame with a goal of forming

a non-profit subsitatary branch off of the Hall of Fame within the

next five years. As a branch non-profit you will need to have a mission

statement that balances the reason behind the non-profit.
Perhaps your non-profit branch provides "laugh"classes to troubled
teens Or perhaps the Comedian's Hall of Fame provides "Millions
of Smiles" to children of fallen soldiers (Millions of Smiles would
be the 501 for the Comedian's Hall of Fame).

GREAT concept, can't wait to visit...I have a vote for "Lucy" being
in the Hall of Fame!

Very Best to you!!!!!

Click to view odgrell's profile Mogul odgrell 20 posts since
Apr 10, 2009
3. Re: NON PROFIT vs Profit Sep 7, 2009 7:56 PM
I would suggest researching other 'hall of fames' and finding out how they were set up and what obstacles they faced. Don't see why you can't piggy back a little. If they can't give you some detailed schematics, they should at least be able to point you on the right path.
Click to view ComHall's profile Professional ComHall 4 posts since
Sep 6, 2009
4. Re: NON PROFIT vs Profit Sep 8, 2009 5:56 AM
in response to: LUCKIEST
Thanks Luckiest at this time I have placed all Ny funding in Getting a Location, Fileing Fees, Paperwork, Unfortunayly Because of all the Travel expences to Vegas. My funds are running low for the Attorny fees so I limit my time..

again Thank you
Matt
Click to view ComHall's profile Professional ComHall 4 posts since
Sep 6, 2009
5. Re: NON PROFIT vs Profit Sep 8, 2009 8:31 AM
in response to: MoveForward
Thanks for your reply Moveforward I have filed for my 501c3 a few months back, and so far the paperwork has been a Nightmare. I have had some very profitable Business in the past But all done for profit... The Rock and Roll Hall and Baseball Hall are Non Profit Companies. But Looks like they are all to Benifit the Board of Directors...

But we are Looking to Provide Funding To Research in Pediatric Cancer Research. Brain Tumor Research and Yes Placing Smiles on Children's Faces of Fallen Solders is a Must...

Again Thanks

PS: Yes Lucy Ball is in our Plans for the Hall
Click to view MoveForward's profile Mogul MoveForward 148 posts since
Aug 13, 2009
6. Re: NON PROFIT vs Profit Sep 8, 2009 10:19 AM
in response to: ComHall

Don't forget to laugh through the troubled times. You are now the voice for all those who struggled to bring
smiles to others. Jump over the hurtles, around the walls and know when to take the fork in the road.
Keep your vision on the "Grand Giggle Opening"!

P.S...See you and Lucy in the future!