I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?

izzy: I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?
I have worked for the 501C business for 10 yrs total, 3 in this specific business area. They no longer wish to carry this branch of their association. When they close, I will be fired. Can I start up my own for profit business, with the same business description?

Answers and Views:

Answer by TIMOTHY D L
Sure, it just won’t be a 501C. LLC, or Corporation

Answer by mathew
You may have some problems if you use similar names or other things that may be the intellectual or business property of the 501C (3). You should get a written agreement with the Association approving your enterprise. If you plan on using the same facilities as the non-profit there could be some zoning issues that would require a new approval by the local planning department. After that you may organize in the same manner as any business.