Month 11 – Define your long term strategy
Month 11 – Define your long term strategy (REP status, deployment plan for next 3-5 years, and lifestyle goals).
Also consider a non-profit for tax reasons and legacy creation.
Question to Lawyer: What I am having trouble understanding is what would I be gaining from having a non profit from now with my business where many of these things are deductible already. Also what are the con’s of having a non profit? Is it more for when you have enough cashflow today (after you have passed the growth equity stage ie 2-4M net worth).
Answer from Lawyer: Some items from that list are to your advantage only in a nonprofit. Moreover, most education institutions are set up as nonprofit organizations. The net income is usually not taxed in a nonprofit. The con of the nonprofit is additional compliance. The annual form 990 is very cumbersome and requires training and guidance, which we will help you get through as a client.