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    6 Replies Latest reply on Sep 8, 2009 10:19 AM by MoveForward

    NON PROFIT vs Profit

    ComHall Wayfarer
      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...
        • Re: NON PROFIT vs Profit
          LUCKIEST Guide
          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.

          <!--Session data-->
            • Re: NON PROFIT vs Profit
              ComHall Wayfarer
              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
            • Re: NON PROFIT vs Profit
              MoveForward Scout

              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!!!!!
                • Re: NON PROFIT vs Profit
                  ComHall Wayfarer
                  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
                    • Re: NON PROFIT vs Profit
                      MoveForward Scout

                      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!
                  • Re: NON PROFIT vs Profit
                    odgrell Adventurer
                    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.