I am torn between which type of company I should form for my new community venture. I have been doing music lessons part-time for a couple of years now. But now, some music teacher friends of mine and I would like to band together and start a proper music school. I have been advised by an accountant that the ideal company structure for our venture would be a limited by guarantee - but it seems like limited by guarantee companies can only be non-profits. What sort of companies actually qualify as a non-profit? For example, are there any prerequisites or characteristics that all nonprofits must adhere to?
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