For Profit Corporation / Non Profit

[JohnC]

My wife and I are opening a day care and we are trying to decide on which type of company to open. We are in the state of Florida and would like to qualify for programs such as Head Start and apply for grants. From what I understand you need to have a non profit company to accomplish this. We also would like to the liberty of a profit corporation so we can manage the money more easily.

Is there such a thing as a profit / non-profit combination for a company? Getting the best of both worlds really sounds like the way to go for us.

I would imagine if such a combination is possible, that we would be required to keep seperate bank accounts. One for the profit side and another for the non-profit side.

Anyone have any information on this?

Thanks,
John

[booroo]

There is a big difference between not for profit and profit.

Most daycares not for profit or profit can still get grant money, it out there. But if you are going into to make money then you go with profit, your going into to full fill a need, and you dont really mind not knowing if your going to get a pay check or not, then not for profit is not for you.
You will have more grant funding available and other fund raising opportunities as a not for profit.

Good luck with whatever you choose,

[originalkat]

I am no expert but...

I do not believe you can mix and match for profit and not-for-profit in a business. That would kind of defeat the purpose I would assume. You can still have a salary with non-profit but any money that is profit over expenses would go back into the company and not into your personal investment portfolio.

I think it would be easier to get grants being non-profit, but they are out there no matter who you are. In my experience MOST individually owned and operated childcare facilities are for profit.

[ms.miami dade]

day start up

hey john i read your post i no its like a year later and u may not even get my message but just in case u do i would like to know if u and your wife started that daycare and if so can you please assist me. Me and my friend want to start a daycare and we really need to know were to start and is there really any grants to assist us. you can contact me [email protected]