Let's say that I as a single individual invent something. Can I sell this invention to a non-profit company, (as in the rights, patents, and/or other protections)? If I can sell it, is there a limit on how much I should ask for? I know that donations can be tax deductible if the "bulk" of them are not solely reserved for a single person; however since this would be a large amount of money to a sole individual I'm not sure. Would that negate any of the donations made by donators? Could the non-profit raise money solely for this purchase and have all of the donations still be tax deductible?
Most of my searches returned results for paying staff or executives; which I am neither.
As an afterthought, could I potentially create some legal entity with me and someone/people I really trust so that the whole stipulation of "bulk of the donation must not be for a single individual" can be avoided?
Edit: Found one of the pages I was looking for: Exemption Requirements - 501(c)(3) Organizations
To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual.
This is where I get hesitant as I don't really know
tax laws at all. It says that a nonprofit's earnings can't inure to an individual.
quid seems to have had a good idea. Could becoming some kind of commercial/corporate business keep the nonprofit safe for this kind of purchase? I'm leaning towards yes since they would be selling to a legal entity and not an individual; however there's that whole "I don't know
tax laws at all" statement hanging about.