NY2ME
New Member
Hi, I am aware that in NYS, a single owner can establish a not-for-profit corp. And I also know that a not-for-profit can make a profit (or surplus), but that the surplus cannot not be distributed to owners or shareholders (surplus/profit have to go back into the company to keep providing the services it is meant to provide).
Here are my questions: Although an an owner cannot receive profit, can the owner receive a salary if that owner is also its manager? Also, MUST there be a board of directors? If so, what's the minimum number of board members a non-profit can have?
This business would be a small educational media production company.
Let me know ASAP if possible - thanks!
Here are my questions: Although an an owner cannot receive profit, can the owner receive a salary if that owner is also its manager? Also, MUST there be a board of directors? If so, what's the minimum number of board members a non-profit can have?
This business would be a small educational media production company.
Let me know ASAP if possible - thanks!