> Why register as a not-for-profit when you’re profitable?

If your purpose isn't to return a profit to stakeholders, but to serve some social purpose eligible for charity nonprofit status plus like “pediatric healthcare”, registering as a nonprofit gives you more surplus revenue because of tax exemption and the ability to accept donations that are tax deductible for the donors.

It’s also often good PR.

nothing about being not-for-profit means you can't make a profit. it just means you don't return those earnings to the shareholders and thus find yourself governed by those shareholders.