Yes, I have been in the the non profit field.
In order to enter the non profit world you need to be passionate about your business.
Due to the difficulties of funding non profits in the current times,
most of us in the world of nfp remain in it due to our passion and the mission.
Great topic! Why choose when you can do both?
New forms of legal entities are emerging, and it may be that one no longer has to choose between profit and non-profit.
One example is an L3C, or Low-Profit Limited Liability Company. It works as a hybrid, is granted non-profit status, and must promote charitable or educational purposes. They must direct 5% of their assets each year to charity, or could lose their L3C status (just reverts to an LLC). But, if during the course of their operations, profit is produced (even beyond covering expenses), it does not jeopardize their status.
Another is a Benefit Corporation – operates and is treated as a corporation, but must create a public benefit and issue annual Benefit reports. This status can be used as a marketing tool and be an extra pull to customers looking to not only support a small business, but a worthy cause as well.
Disclaimer: I received this information from a law firm presenting to our local entrepreneur’s group, and found it very useful. You’d have to do more research to figure out if your particular state allows these new entities. I think it’s inspiring that social awareness has changed the way we do business, and that these options are available.
Thank you, JMB, for this explanation. The opportunity to have one foot in both worlds (for-profit and non-profit) definitely is appealing.
Is anyone in our community considering one of these options? Is anyone already involved in one of these? I'd be quite interested to hear from you all and how the new entity form is working out for you and your business. Anyone? What are the pros and cons?
Have any of you all ever considered beginning a non-profit business? What would motivate you to continue with those plans? How do you see the differences between non-profit and for-profit businesses?
I've enjoyed reading about non-profits and differences between them and for-profits and would enjoy reading any comments from anyone who has at least considered beginning a non-profit. What nudged to to continue the process? What was/were the deciding factor(s) that pushed you to back away?
Can we talk about this?