My wink, wink nonprofit? If you're filing bankruptcy sound like your business was an actual unprofitable nonprofit, if your business model failed despite all the tax exemptions, you better find a new nonprofit to exploit. You can't own a nonprofit, in theory they are owned by society and run for the benefit of the community - that's a laugh. Since the nonprofit is a separate entity which you don't own, the business bills can be paid out of the business account. However, if, like many nonprofit "owners", you have been plundering the business funds to pay your personal bills, this can come out in a bankruptcy and you might have tax and criminal problems.
Answered on Nov 24th, 2014 at 2:16 AM