June 10th, 2011 by Questions
Just a clarification. I understand the “for profit” guys. How do not for profit companies / counselling agencies get paid or survive?
Posted from: Ontario
June 10, 2011 at 12:51 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
This is kind of an interesting topic. Essentially what happens is if the business didn’t declare a profit at the end of the year for taxes, they can claim to be not for profit. The easy way to do this is to pay all the monies received out as wages. So the credit counsleor who owns the agency may profit personally, but the business can still claim to be not for profit. So for myself I don’t see much difference between the two, it just depends on who holds the money.
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