Ready to start a non-profit?
1. Articles of Incorporation (or other organizing document) that states a) limited purpose; and b) distributes assets to an exempt purpose upon dissolution.
3. Employer Identification Number (EIN)
4. State Solicitation Laws (familiarize yourself with any state charitable solicitation laws as well as state registration/reporting requirements)
5. IRS Exemption/Form 1023 (THE BEAST OF THEM ALL!)
a. Organization has appropriate legal entity (corp. or assoc.);
b. Exempt purpose
c. Power of attorney (Form 2848) for relevant attorney, CPA, managing director, etc.;
d. Copies of organizing docs;
e. Three projected years of income/expenses e.g. current year financial statements and proposed budgets for next two years;
f. Any additional Schedules as required;
g. Attach Statement of Explanations as necessary;
h. Form 8718 in lieu of 1023, if applicable.
i. Submission by mail to IRS
You’re done! Sounds simple enough, right? Do not be be too naive, however, applying for tax exempt status is a very serious process and requires careful analysis of your business to determine whether and how you may qualify. Each of the steps listed above requires professional attention and if you are not confident you can complete each of these steps, it is highly recommended that you seek out competent counsel from relevant legal and accounting authorities with specific experience accomplishing each of these tasks.
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