There are huge markets where people have needs -- for food, shelter, education and more -- but can't afford to pay money out of their own pockets to have their needs met.
In the United States, the government created the 501 (c) (3) nonprofit corporation to help address this situation. Technically speaking, a 501(c)(3) is a tax-exempt legal structure that can receive charitable donations from individuals, businesses, government agencies, and philanthropic foundations. Examples of well-known not-for-profits include: the Boys and Girls Clubs, the YMCA and the Sierra Club. People who donate money to these charitable organizations benefit by deducting the contributions from their taxable income.
To read the full, original article click on this link: Steve Mariotti: Tips for Entrepreneurs Who Want to Start Not-for-Profit Organizations
Author: Steve Mariotti
