3. With your LLC, is it legal to accept money to do good? Goal is to profit for the...

With your LLC, is it legal to accept money to do good? Goal is to profit for the most part and help the poor occasionally. Is there a law that says something like if you look like a duck then you must be a duck, aka, you must HAVE a license to be able to accept money to do good, otherwise jail time!

Provided your company complies with all disclosure, reporting, and accounting requirements, yes.

Does the LLC have to do that towards the customers? As far as I know LLCs don't have to disclose any revenue/profit/financial information with their customers.

Why wouldn't it?

  • Giver will NOT know what percentage of his money went to the poor, directly.

  • LLC will make it so that the potential giver is moved by the good work of the LLC. The potential giver's perception is going to be influenced in a way that implies the LLC is a good charity in his mind.

  • In future, someone hungry at the IRS might claim that the LLC is manipulating people into giving it money, even if the LLC is honest (except the omission of truth of high profit margin), and even if the LLC warns customers that it is NOT a non-profit or charity. So my point is if there's a will, there's a way. If this goes big, people will want a piece of it. Won't they?

  • Affiliates and salespeople who get paid by the LLC.

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