If a donor wanted a letter-would the acknowledgement letter need to clearly state that the donor could recieve no tax benefit from their deduction. If the donor decided later that they wanted their donation returned, would I be required to return it
So long as you do not lie or mislead your for-profit can accept doantions, although I doubt many people would see themselves clear to donate to a for-profit. You need to be clear in the solicitation that you are for profit and, I think you must register with the Maryland Secretary of State as must anyone soliciting gifts.
A donation, by the way, is forever, not until the donor decides he wants his money back.
But, again, be up-front about being for-profit and do not lie or mislead in the solicitation.
Licensed in Maryland. Information here is general, does not create a lawyer-client relationship, nor a substitute for consulting with an experienced attorney on the specifics of your situation.
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