Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Sunday, May 27, 2007
Convert S Corp to Non-Profit?
Q:
Subject: Changing from an S-CorpHello,I just read you blog this morning and had a very interesting question for you. Have you heard of and is it possible to change from an S-Corp to a Non profit of 501(c) organization. I am really curious about this type of change
Thank you for your time
A:
The short answer is NO.
The types of entities involved are not compatible for such a switch.
A C or S corp is a legal being chartered by a state as a for profit entity.
To qualify as a non-profit organization, you need to have your state charter a non-profit corporation, which is completely different from a for-profit corp and involves different paperwork.
You should be working with a professional tax advisor to straighten things out for your particular goals.
Good luck.
Kerry Kerstetter
Follow-Up:
Thank you so much for your information.
Labels: corp
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/27/2007 06:26:00 PM Send this post:
