We are taking our company to a non-profit structure. We currently operate as an S-Corp in Virginia. Is there any way to do this without dissolving the corporation or conversion to an LLC first?
Kira,
The state of Virginia does not allow entity conversions of registered companies.
Unfortunately, with that being the case, you would need to form a new company specifically as a Non-Profit Corporation in Virginia to be able to use the company for such purpose.
By no means are you obligated to dissolve your current S-Corp to form a Non-Profit Company, you are allowed to own and operate numerous businesses of different types, unless of course you had no plans of using the for-profit business anymore (or if you plan to use the same name, in which case you could rename the S-Corp).
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