Can a business owner of a nonprofit business make money? If so, how?

Can a business owner of a nonprofit business make money? If so, how? Please, no smart-alec remarks... This is a serious question, and want to know if in the State of New Mexico, an owner of a nonprofit business can make money and earn a living from this business? Small Business - 1 Answers Random Answers, Critics, Comments, Opinions : 1 : By paying himself a huge salary. The business itself isn't supposed to post a profit, but that doesn't mean the employees of the business can't earn a nice salary for themselves. 2 : The difference between "for profit" and "non profit" is in basic terms what must be done with the profits. In "non profit", the profits are returned to the business. In "for profit" the profits can distributed to the shareholders via dividends. Think about hospitals, the vast majority of which are "non profit". Their employees certainly earn livings! And the reason hospitals go on building binges is the requirement for all of the excess to be put back into the hospitals -- or they can lose their status as "non profit". A CPA or attorney can help you get it all sorted out. By the way, just being "non profit" does NOT make contributions to the business deductible as charitable contributions -- to do that, you have to get a special designation from IRS.

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