We are getting a clothing company incorporated and we are also starting a non-profit . We just want to know if the one corporation can own both .
In California, there are separate corporations code provisions for non-profit corporations, so you would not be able to own both enterprises under the same entity. As a practical matter, It would be an accounting nightmare, so you should form separate entities.
IDisclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
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