Starting a business specializing in portraiture

Started 7 months ago | Discussions thread
PenguinPhotoCo
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Definitions please
In reply to Jeff Seltzer, 7 months ago

The term profit is thrown around here like crazy, and usually inaccurately.

Profit is money left over after all expenses are paid. But, and this is important its SPLIT AMONG THE OWNERS.

A non-profit and a true charity don't do that 'profit sharing' thing. They, by law, have to put the money back into their purpose.

YOu can't start a cancer charity, raise $100k, dontate $50k to research, pay yourself $30k, pay the bills of $10k and keep the last $10k as 'profit'. It can be held by the charity but has to be 'spent' (used, etc) for the purpose of the charity - spent on reasearch perhaps, or giving a sick kid a trip to disney, etc.

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