Sunrunner Posted October 17, 2004 Share Posted October 17, 2004 Would a martial arts academy be able to be set up and run in such a way that it could qualify for non-for-profit status? Any owners or business-savvy people here that would know? Sunrunner"train until the art becomes an artless art, flowing from the unconscious." Link to comment Share on other sites More sharing options...
Goju 4 Life Posted October 17, 2004 Share Posted October 17, 2004 i'm guessing the school couldn't be for profit(bad joke # If i had to choose between karate and everything else, I would choose karate so i could beat up whoever made me make the decision and have everything else Link to comment Share on other sites More sharing options...
foreveryoung001 Posted October 17, 2004 Share Posted October 17, 2004 It's a matter of how you incorporate your business. When I helped set up a dance academy, we had to follow some procedural things, as far as board of directors, by-laws, and things like that. For your 401C3, which is your tax free status, it can take a while. You need to be up and runnning, you need to have a budget in place, you need to keep very carful track of your board meeting minutes.... You do not need your 401C3, in order to incorporate as a Non-profit. You should check with a lwayer, if you really want to do it right. There are some good books on the subject too. You do not need a lawyer to file the paperwork, but it may be worth it, since they are familiar with all of the law reagarding it. Student: "Why did you hit that guy with a chair? Why didn't you use your karate?"Master: "Hitting him with a chair was the only karate I could think of at the time."Lesson: Practice until you don't have to think. Link to comment Share on other sites More sharing options...
Shorin Ryuu Posted October 18, 2004 Share Posted October 18, 2004 Well, you can try. I just remember these words of wisdom one of my instructors used to say to me: "How do you make a small fortune teaching martial arts?" "Start with a large fortune." Martial Arts Blog:http://bujutsublogger.blogspot.com/ Link to comment Share on other sites More sharing options...
47MartialMan Posted October 29, 2004 Share Posted October 29, 2004 Been there-done that Link to comment Share on other sites More sharing options...
ncole_91 Posted November 2, 2004 Share Posted November 2, 2004 Well, you can try. I just remember these words of wisdom one of my instructors used to say to me: "How do you make a small fortune teaching martial arts?" "Start with a large fortune." I like that quote lol Link to comment Share on other sites More sharing options...
rb Posted November 2, 2004 Share Posted November 2, 2004 Been there-done that I think the whole point of a forum like this is to share knowledge and experience - the poster wouldn't be asking otherwise. If you have insight in this matter I'm sure myself and others would like to know. Link to comment Share on other sites More sharing options...
47MartialMan Posted November 2, 2004 Share Posted November 2, 2004 I had opened MA schools with wrong partners. Yeah it was a small fortune resukting from a larger fortune. I think a comedian said this along those lines: "I became a Millionaire from gambling in Las Vegas-"I was a Billionaire, before" Link to comment Share on other sites More sharing options...
Northren Ogre Posted November 2, 2004 Share Posted November 2, 2004 I don't know how things are run in the States, but I know our school in Canada was set up as a non-profit society, which enabled us to apply for government grants and lottery funds etc. http://prkickboxing.tripod.com Link to comment Share on other sites More sharing options...
47MartialMan Posted November 3, 2004 Share Posted November 3, 2004 Some countries are like that. Unless I base a newly created martial art with religion overtones, the US gov, wont grant jack. Link to comment Share on other sites More sharing options...
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