Finlayson Law Firm P.C.
Finlayson Law Firm P.C.
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  • Attorney Profile
    • David A. Finlayson
  • Areas Of Practice
    • Estate Planning
    • Trust Administration
    • Asset Protection
    • Probate Law
  • Contact Us
  • Blog

Steps to Forming a Nonprofit Corporation

5/6/2021

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Step 1: Pick a cause. Federal tax law states that if you want to operate as a 501(c)(3), your organization must exclusively pursue an activity in one of the following categories: Religious Charitable Scientific Literary or educational Testing for public safety Fostering national or international amateur sports competition Preventing cruelty to children or animals Step 2: Meet the requirements Ensure that your organization meets IRS requirements. This means it's time to start dealing a lawyer that can provide personalized guidance and help you avoid costly mistakes Step 3: Iron out the details of your corporation Name the corporation, making sure that your name is unique and permissible. Prepare and file articles of incorporation. The articles of incorporation are the documents that create your corporation. Appoint one to three directors, depending on your needs and state requirements Hold a directors meeting in which you appoint/elect officers and prepare to organize documents and bylaws. Get a state tax identification number. Step 4: Get tax-exempt status After meeting your state's requirements for forming a corporation, you're ready to apply for tax-exempt status with the IRS. Fill out all required paperwork and submit your application. Going over these with a lawyer is always beneficial so you do not miss or misinterpret anything that will slow down the process later.

Step 5: Get cleared locally
Now that you've been approved to be tax-exempt at the federal level you have to be cleared at the state and local levels. You will also need to get any local permits or licenses required to operate your business. After this you are left with the regular business dealings to solidify. These are operating manuals, familiarizing yourself with corporate requirements, holding & scheduling meetings, keeping minutes, and filing information returns.
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