Non-Profit Status for a Community Website

What are the benefits and issues of making a forum a non-profit?

[cpnmm]

I run a fairly popular community site. It has about 20 moderators who contribute their time for free.

I don't make enough off advertising to make it worth my time monitoring the forum for libellous posts but I also don't want the users to lose a valuable resource.

Does anyone have any experience of going non-profit with a forum site?

The idea would be to provide free hosting and hand ownership over to a new non-profit company run by the present moderators.

Thanks,

Chris

[mincklerstraat]

You'll want to mention where you are, since laws governing non-profit entities vary from country to country. Here (be) it involves a hefty sort of down-payment.

[cpnmm]

I'm in the UK and the site is a .co.uk