I have a small performing arts studio in Waltham, MA. Should I be non profit?...

[tpfnotes]

...What are the benefits of that? Many theaters and studios are non profit and I know that I would be eligable for a non profit number. The studio earns less than $60,000.00 a year. I am interested in developing a theater company and a non profit number would be helpful in terms of licensing fees, etc.

[mamianka]

Yes, pursue this! I have NFP status (current dormant, since I returned to teaching - but am retiring this June, and will revive it) for my chamber music group. In the current economy, I do not have to tell you that there is less $$ for the arts - but all the more reason to show that you are legitimate. You will have to have a Board of Directors, and then can fundraise - which means you better have an *accountant*. You can pursue grants. You know that you will then get a tax-exempt number, which is a big savings. I am sure that you researched this, and are only waiting for a gentle push to make the move. There are legal groups that will take on your case on a pro-bono status. You should be able to do this for very little money! I think there is a Volunteer Lawyers for the Arts in MA. I did this the expensive way - i PAID an attorney - and then had to get the Bar Association to make him finish this ( he took 17 months!!!) Good luck to you - I am originally from Weymouth, but now live in NY state. Looking for live music? I also have music direction background - since 1971!