Adding a Nonprofit to Your Therapy Practice: Pros, Cons, and Compliance
In this episode of Therapy for Your Money, host Julie Herres, owner of Green Oak Accounting, discusses the considerations and challenges of adding a nonprofit alongside your for-profit therapy practice. Julie explains the logistics of setting up a nonprofit, such as establishing a C corporation and obtaining nonprofit status from the IRS. She outlines the advantages, like tax-deductible donations and eligibility for grants, and the disadvantages, including compliance requirements and the need for board members. Julie emphasizes the importance of staying in compliance and provides practical tips for managing finances between the nonprofit and for-profit entities. By understanding these factors, you can decide if adding a nonprofit is the right choice for your practice. "If you're just talking about getting a few hundred or a few thousand dollars in donations each year, it might not actually make sense for you to have a non profit alongside your business."
Show Highlights
00:00 Introduction to Therapy for Your Money
00:45 Adding a Nonprofit to Your Practice
01:31 Understanding Nonprofits
03:36 Pros of Starting a Nonprofit
05:00 Cons and Challenges of Nonprofits
10:57 Compliance and Management Tips
13:50 Final Thoughts and Recommendations
Resources and Links
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
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