Have you in any case identified a societal problem? Do you have a goal to help the community or the world? If you wish to better the lives of people in communities, nations, and the world at large, you should consider forming a non-profit. Non-profits are generally formed to benefit the public as opposed to cooperatives and clubs. Non-profits include organizations that are formed for religious, charitable, scientific, and educational purposes among others. There are different types of non-profits in existence and each one of them has a goal and a mission to achieve. Many benefits come with forming a non-profit according to Timothy Iberger. Here are some of the benefits
Non-profits enjoy reduced liability
One thing that non-profits can enjoy is a reduced liability. Although they don’t intend to gain profit, it is important to know that they are still set up as legal entities. They function as limited liability, unlike sole proprietorships. This is very important for those who own the non-profits because it keeps the non-profit’s assets and personal assets separately. No matter what happens to the non-profit, your assets will never be affected. If a lawsuit is filed against the non-profit, the owner will be immune from it.
Access to grants
Non-profits can also benefit because they can access grants. Just like starting any kind of business, starting a non-profit organization will also require funds. You will need money to lease office spaces or even purchase one. You will also need to hire people and equipment. Compared to other businesses, a non-profit company has wider financial resource options. They have access to different grand programs that are designed specifically to help them start and even fund the non-profit. Access to grants is one important benefit of starting a non-profit.
Tax exemption
Non-profits also benefit because they are always exempted from paying huge taxes. There are organizations such as churches, and schools that are exempted from paying huge taxes. Non-profits are also in the category of organizations that are exempted from taxes as long as they qualify. When a non-profit is exempted from paying taxes, money will remain in the organization for sure. The money that should have been used to pay taxes can now be used to buy equipment, sponsor events, and even buy supplies.
A chance to pursue your passion
There are many people out there with a passion for identifying needs in the community and helping communities and the public better their lives. If you are one of those individuals, you should take the step to form a non-profit. It is only by forming a non-profit that you will feel like your mission is accomplished. As a non-profit owner, you get to enjoy your passion while sharing the goals that you have with people who have the same interests as you. Besides, forming a non-profit is one suitable way to get involved with communities in a positive way. You will be changing lives and that is a good thing.
