Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. Converting a for-profit business to a nonprofit entity could be a smart move if charity and community impact has become your focus as a business owner. But making the change requires more than applying for tax-exempt status. The process would largely depend on your state’s laws regarding business conversions, and not every company can become a nonprofit organization without a good reason for doing so. Only certain types of businesses can turn into a tax-exempt entity, a procedure that requires filing paperwork with state organizations and the IRS. Keep reading to learn what it takes to turn a for-profit enterprise into a nonprofit organization, and if it’s the right move for your business. In this guide, we’ll cover: Reasons to convert a for-profit business to a nonprofit Converting...