Regarding Non-profits

Richard and Michelle, both full-time Accounting Professors with considerable practical experience, are interested in forming and operating an entity that will conduct continuing professional education programs for CPAs in Indiana and Illinois. They plan to call their entity OBriens Council. The impetus is the continuing professional education that has been mandated by the states of Indiana and Illinois for all CPAs. For now, Richard and Michelle intend to remain as full-time faculty members, but ultimately they plan to devote more time to continuing professional education if it proves to be successful. They both see OBriens Council as a way to earn a significant amount of money, if the law permits. Provide Richard and Michelle with advice as to how they should organize (what type of entity) and address as many issues relating to this class as possible. Assume whatever facts are necessary but identify the facts, which you assume when you answer this question. Make sure to explain the reasons for your advice.