I have a start-up that could potentially qualify for non-profit 501(c)(3) status (an educational Q&A website for a specific branch of Psychology). The business would incur some debt and have expenses. The income would come through the sale of ad space and institutional classifieds (mostly job postings, internships and research opportunities). It would of course be some time before it makes any profits to speak of.
Is there any real benefit to incorporating as a non-profit versus, say, and LLC? I currently do not have any outside investors and would likely have an equal partner at the outset.