Entrepreneurs and for-profit markets
publication date: Mar 1, 2012
Everyone knows that the main reason farmers markets exist is to create profit for their vendors. However, many of the organizations that create and run markets are managed as not-for-profit organizations—known as 501c organizations to the Internal Revenue Service. To maintain their tax-exempt status, these 501c organizations are required to have a “public good” purpose, such as a focus on religious, charitable, scientific, literary, testing for public safety, or educational purposes, or to foster national or international amateur sports competition, to promote the arts, or for the prevention of cruelty to children or animals.
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