Call Us Now: +1 (877) 330-2677 Live Chat: ONLINE NOW            
https://d25eic0jctudgb.cloudfront.net/images/site/general/answers-to-answers-8743d0241f5d8c2c996225efe2063f89
https://d25eic0jctudgb.cloudfront.net/images/site/headlines/articles.jpg-5fa541d76bf4be9016b1176147b3bc96

Conversion to Non-Profit Status

Asked by: Kira Newman - 27 December, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 We are taking our company to a non-profit structure. We currently operate as an S-Corp in Virginia. Is there any way to do this without dissolving the corporation or conversion to an LLC first?
Answered by: Ray Albert - 28 December, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/194.jpg-630c771619e92bede7e6f696b56767b9 Kira,

The state of Virginia does not allow entity conversions of registered companies.

Unfortunately, with that being the case, you would need to form a new company specifically as a Non-Profit Corporation in Virginia to be able to use the company for such purpose.

By no means are you obligated to dissolve your current S-Corp to form a Non-Profit Company, you are allowed to own and operate numerous businesses of different types, unless of course you had no plans of using the for-profit business anymore (or if you plan to use the same name, in which case you could rename the S-Corp).

We Want To Connect With You!

Social Media is increasingly the preferred method for businesses to connect with their clients, peers and customers. We are dedicated to share information and useful tools to help you grow your business.

Like us on Facebook, follow us on Twitter, and let's begin the exchange to Help Grow America One Business at a Time - starting with yours!

https://d25eic0jctudgb.cloudfront.net/images/site/general/payment-methods-footer-052a63251a379d6e5ece1801f07470fc Official PayPal Seal SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment