Legal Question in Business Law in Illinois
Non profit status
Can a non profit organization place themselves under the overall management of a parent company that is a for profit entity and still remain a non profit?
Asked on 4/10/07, 4:38 pm
2 Answers from Attorneys
Noelle Ansley
Noelle Ansley
Re: Non profit status
A not-for-profit may be a subsidiary of a for-profit company, but pulling this management deal off effectively is tricky. Consult an attorney about the particulars of this situation so that the subsidiary does not jeopardize its 501(c)(3) status.
Answered on 4/10/07, 4:52 pm
Re: Non profit status
Yes, as long as they dopt their I's and cross their t's.
Answered on 4/10/07, 11:12 pm
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