QUESTION
Can I guarantee myself the creator of my nonprofit childcare center a salary ?
Asked on Aug 01st, 2017 on Business Law - Pennsylvania
More details to this question:
Can I use the funds from the month to pay my utilities, the loan I took to out to start the learning center, and all business expenses like liability ins. , attorney fees. Or do I need to pay it separately from my salary? When and if I dissolve the learning center do I have to give away all the things it accumulated even if I transferring it to a for profit.
1 ANSWER
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If you loaned money to the non-profit, you can certainly pay be repaid for that. You should document the loans and repayment terms. Its a bit too early to answer questions about dissolution. Sounds like you had an attorney involved at some point. I'd suggest getting some governance advice from that attorney on an ongoing basis.
Answered on Aug 02nd, 2017 at 11:44 AM