Planning Knowledge for Childcare Centers
Articles and other resources on the business of child care – planning.
Mission is the reason your organization exists. Planning is the process of figuring out how you’re going to achieve that mission. Check out the board’s role in planning: “Strategic Planning Key Questions”.
The board of directors plays a major role in strategic planning and should be integrally involved in the planning process. These key questions will strengthen the link between a nonprofit board and the business planning process.
What is your business structure?
If you are a for profit business, you may be structured as a sole proprietorship, partnership, limited liability company, or corporation. Each of these structures will affect how you and the business are taxed and what level of liability you bear. For more information, see our tools “Selecting your (For Profit) Business Structure—Minnesota and South Dakota.
A nonprofit center may be a program of a larger umbrella organization. If you are an independent nonprofit, you would file articles of incorporation with your state as a nonprofit and obtain your 501c(3) exemption from the Internal Revenue Service. You would also prepare by-laws which would guide your operations. For more information, see our tools “For Profit vs. Nonprofit”. In any event, consult with your attorney and accountant for advice on your business structure.
Disclaimer: Materials and links provided by First Children’s Finance on this website do not constitute legal, accounting, tax or finance advice or professional services. Readers seeking professional advice about specific aspects of their business should consult a member of our staff or other qualified professional.