Legal Question in Real Estate Law in Oregon
Purchasing donated property
Can a private person or a corp purchase a business that was donated by the owner to a non-profit organization that owner set up before the donation?
Asked on 6/05/01, 5:11 pm
1 Answer from Attorneys
Susan Burns
Law Office of Susan Ford Burns
Re: Purchasing donated property
Although there may be tax and other issues with the establishment of the non-profit and the transfer of a business to that non-profit, there is no reason that someone could not purchase that business.
Since non-profits are, by definition, not set up to make a profit, they cannot own profit-making enterprises. That is why donations of stock to charitable institutions must be immediately sold by those institutions.
Answered on 6/28/01, 12:13 pm
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