Thanks for the reply! I have read the article and it is super inspirational. What would be the additional benefits of a setup like Newman’s Own?
Do you mind if I as your opinion of my thought above that there may be a marketing advantage to being labeled a non-profit considering the widespread distrust of the insurance and financial industries from the view of average consumers?
Thank you for your reply! I am, as you guessed, operating as an LLC. I wasn’t sure if there would be any advantage in trying to obtain 501(c) status or not. I don’t know very much about it. My thought was two-fold. 1) That I would reduce my tax and therefore would be able to donate more … however from what you’re saying I can deduct up to 50% of my revenue if it was donated to to charity? 2) That there is would be advantage to growing a business by marketing as a non-profit. The distinction being able to advertise my agency as primarily interested in growing to give to charity as opposed to the primary purpose of making a profit and we also give to charity may excel grow and overall revenue by appealing to individuals and companies that are inherently distrustful of the motives of insurance producers and financial advisers.