I am starting a small company with a friend that is going to donate a significant % (likely 50%) of sales to breast cancer research by selling my art. This is more than likely going to start very small, not generating much revenue. In the future, I plan to possibly donate all profits to the cause. I'm wondering what kind of documents I should consider filing. Also, could I file for tax exemption if I'm donating just a portion of profits? I've looked into a 501(c)(3) but am not positive that's what I need.
I plan to run this operation out of my home.