Did you know that if you're a For Profit Theater Company (Commercial), the theater rental personnel can charge you more money than if you're a Non Profit Theater Company. I'm not talking pennies here, I'm talking like a gap anywhere between $150 to $200 dollars.
So what's the difference in this whole For Profit and Non Profit stuff?
One has less paper work and One has more tax exemptions. One has fewer restrictions and One has more grant possibilities.
The IRS has no special requirements for a new venture which is a "for-profit" theater company; just the usual annual income tax returns. Even though a "non profit" has to file more annual questionnaires and schedules, I feel it's best to organize NO NaME ThEaTeR COMPaNY as a non-profit because I like the sense it gives of its mission and organization, something that's really aimed at creating a public benefit.
This is where an attorney comes in handy. I'm very lucky to be married to one; however, if you're not as lucky, there's an organization called Volunteer Lawyers for the Arts ("VLA") http://www.vlany.org which helps assist creative artists in forming companies, negotiating contracts, and settling any legal disputes that may occur. I think they're a great organization and worth any membership fees. And who knows, you might find your future spouse there!
