Starting a business specializing in portraiture

Started 11 months ago | Discussions thread
tcg550
Contributing MemberPosts: 933
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Re: Definitions please
In reply to PenguinPhotoCo, 11 months ago

PenguinPhotoCo wrote:

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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Don't seek advice from someone who is not where you want to be - CJ Lewis
My opinions are my own and not those of DPR or its administration. They carry no 'special' value

Can you answer one question without some poor analogy?

Does profit always mean cash? Yes or no?

And for bonus points can a part time photographer turn a profit? Yes or no?

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