Quote:
Originally Posted by Paul_Heery
Shaun, the quick answer to your question is that you need to establish a 501(c)(3) organization. By doing so, your donors would be able to claim a tax-deduction for their donations to your charity.
I volunteer as a mentor with S.C.O.R.E. and have assisted quite a few non-profit and not for profit organizations launch. There are many underlying details that you will need to address.
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Thanks Paul, I figured as much which is one reason why for profit is attractive. I've had two companies that were philanthropically focused for profits designed to change culture, Modern Dad/FirstTime Dad magazines and G9Girl web, forum, magazine & real world doll drives/events. A big reason was there weren't any non-profit hoops to jump through.
But this idea is different and would require significant seed donations. I think there are ways to keep it going independent of future donations if it works. Something like this is important to the future/foundation of the country on many levels from creating generational wealth to just making (and losing) money from money and of course increasing financial sophistication across the board.