I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?
August 14th, 2008 | by admin |izzy asked:
I have worked for the 501C business for 10 yrs total, 3 in this specific business area. They no longer wish to carry this branch of their association. When they close, I will be fired. Can I start up my own for profit business, with the same business description?
I have worked for the 501C business for 10 yrs total, 3 in this specific business area. They no longer wish to carry this branch of their association. When they close, I will be fired. Can I start up my own for profit business, with the same business description?
2 Responses to “I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?”
By TIMOTHY D L on Aug 15, 2008 | Reply
Sure, it just won’t be a 501C. LLC, or Corporation
By mathew on Aug 18, 2008 | Reply
You may have some problems if you use similar names or other things that may be the intellectual or business property of the 501C (3). You should get a written agreement with the Association approving your enterprise. If you plan on using the same facilities as the non-profit there could be some zoning issues that would require a new approval by the local planning department. After that you may organize in the same manner as any business.