Originally Posted by JacKnight21
Non profit will cost a little more (500-2k) to set up/run, involve a bit more time/effort, but will allow any money you/sponsors donate to be a tax deduction. From the point of view of the sponsors they are just gonna write it off as advertising to the LLC so its really no different. If the nonprofit were to make money potential "profit" could just be paid out in salaries (like MLB or insurance companies) but I cant imagine this isn't much of a concern. There are a few other advantages for the nonprofit but it'd need to be a bigger venture to take advantage of them.
It really wont make that much difference either way. If it is mainly your money supporting it or you don't have a sponsor lined up I'd go non profit. I'd do a LLC/C-corp if a sponsor was lined up or I wanted to put the least amount of money into it.
Anyone in agreement here? LLC sounds simpler and less start up cost, and sponsors won't care either way?