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I Introduction Part I: How Nonprofit Corporations Work 1 Is Nonprofit Incorporation Right for You? A. Is Your Group a Nonprofit That Can Use This Book? 1/3 B. Benefits of the Nonprofit Corporation 1/6 C. The Disadvantages of Going Nonprofit 1/11 D. How Nonprofits Raise, Spend, and Make Money 1/14 E. Your Path to Nonprofit Status 1/16 F. Where Should You Incorporate? 1/16 2 Legal Rights and Duties of Incorporators, Directors, Officers, Employees, and Members A. Incorporators and Their Role as Promoters 2/3 B. Directors 2/6 C. Officers 2/15 D. Employees 2/16 E. Membership Nonprofits 2/18 3 Requirements for Section 501(c)(3) Tax Exemption A. Section 501(c)(3) Organizational Test 3/2 B. Valid Purposes Under Section 501(c)(3) 3/3 C. Other Requirements for 501(c)(3) Groups 3/10 D. Information for Specific Questions About Your Group's Activities 3/17 4 Public Charities and Private Foundations A. The Importance of Public Charity Status 4/2 B. How to Qualify for Public Charity Status 4/2 C. Private Foundations 4/19 5 Other Tax Benefits and Reporting Requirements A. Federal and State Tax Deductions for Contributions 5/2 B. Federal Estate and Gift Tax Exemptions 5/4 C. Federal Unrelated Business Income Tax 5/5 D. State Corporate Income Tax Exemptions 5/7 E. Other State Taxes 5/8 F. State Solicitation Regulations 5/8 G. State Nonprofit Corporate Report Requirements 5/9 Part II: Incorporating Your Nonprofit 6 Choose a Name and File Your Articles of Incorporation A. Order Materials From Your Secretary of State 6/3 B. Choose a Corporate Name 6/3 C. Check Name Availability 6/9 D. What to Do When There's a Name Conflict 6/11 E. Reserve Your Corporate Name 6/12 F. Perform a Name Search 6/14 G. Protect Your Name 6/17 H. Prepare Your Articles of Incorporation 6/18 I. File Your Articles of Incorporation 6/33 7 Prepare Your Bylaws A. Choose a Membership or Nonmembership Structure 7/2 B. Purpose and Scope of Our Bylaws 7/4 C. Prepare Your Bylaws 7/5 D. Prepare Membership Provisions 7/18 8 Apply for Your Federal 501(c)(3) Tax Exemption A. Getting Started 8/3 B. Do You Need to File Form 1023? 8/8 C. Prepare Your Tax Exemption Application 8/9 D. Filling Out the Schedules 8/56 E. Assemble and Mail Your Application to the IRS 8/63 F. What to Expect From the IRS 8/65 G. The Federal Determination Letter 8/65 9 Final Steps in Organizing Your Nonprofit Corporation A. Obtain State Corporate Income Tax Exemption 9/2 B. Set Up a Corporate Records Book 9/2 C. Prepare the Minutes of Your First Board of Directors Meeting 9/4 D. Place Minutes and Attachments in Corporate Records Book 9/6 E. Issue Membership Certificates 9/7 F. File Fictitious or Assumed Business Name Statement 9/7 G. Apply for a Federal Nonprofit Mailing Permit 9/8 H. Apply for Property Tax Exemptions 9/8 I. File an Initial Corporate Report Form 9/9 J. Register With the Attorney General 9/9 K. Comply With Political Reporting Requirements 9/10 L. Prepare Assignments of Leases and Deeds 9/10 M. File Final Papers for Prior Organization 9/11 N. Notify Others of Your Incorporation 9/11 10 After Your Corporation Is Organized A. Piercing the Corporate Veil; If You Want to Be Treated Like a Corporation, It's Best to Act Like One 10/2 B. Federal Corporate Tax Returns 10/3 C. State Corporate Tax Returns and Reports 10/5 D. Federal and State Corporate Employment Taxes 10/6 E. Employee Income Tax Returns 10/6 F. Sales Tax Forms and Exemption From Sales Tax 10/7 G. Licenses and Permits 10/7 H. Workers' Compensation 10/7 I. Private Insurance Coverage 10/7 J. Dissolving a Nonprofit Corporation 10/8 11 Lawyers and Accountants A. Lawyers 11/2 B. Legal Research 11/3 C. Accountants and Tax Advice 11/5 Appendix A: How to Use the CD-ROM Appendix B: State Sheets Appendix C: Forms and Publications on CD-ROM Corporate Forms Incorporation Checklist Request for Nonprofit Corporation Information Name Availability Letter Application for Reservation of Corporate Name Articles of Incorporation Articles Filing Letter Bylaws (including Adoption of Bylaws and Membership Provisions) Waiver of Notice and Consent to Holding of First Meeting of Board of Directors Minutes of First Meeting of Board of Directors IRS Forms and Publications and Tax Articles Form 1023: Application for Recognition of Exemption (October 2004) Instructions for Form 1023 (October 2004) Form SS-4: Application for Employer Identification Number (12/2001) Instructions for Form SS-4 ( September 2003) Form 5768: Election/Revocation of Election by an Eligible Section 501(c)(3) Organization To Make Expenditures To Influence Legislation (December 2004) Publication 557: Tax Exempt Status for Your Organization (March 2005) Publication 578: Tax Information for Private Foundations and Foundation Managers (January 1989) Publication 4220: Applying for 501(c)(3) Tax-Exempt Status (September 2003) Publication 4221: Compliance Guide for 501(c)(3) Tax-Exempt Organizations (September 2003) Publication 1828: Tax Guide for Churches and Religious Organizations (September 2003) IRS Revenue Procedure 75-50 IRC Section 4958, Taxes on Excess Benefit Transactions IRS Regulations Section 53.4958-0, Table of Contents Public Charity or Private Foundation Status Issues Under IRC §§ 509(a)(1)-(4), 4942(j)(3), and 507 Disclosure, FOIA, and the Privacy Act Update: The Final Regulations on the Disclosure Requirements for Annual Information Returns and Applications for Exemption Education, Propaganda, and the Methodology Test Election Year Issues Lobbying Issues Private School Update UBIT: Current Developments Intermediate Sanctions (IRC Section 4958) Update Appendix D: Information and Tear-Out Forms Incorporation Checklist Special Nonprofit Tax-Exempt Organizations Request for Nonprofit Corporation Information Name Availability Letter Application for Reservation of Corporate Name Articles of Incorporation Articles Filing Letter Bylaws (including Membership Provisions and Adoption of Bylaws clause) Waiver of Notice and Consent to Holding of First Meeting of Board of Directors Minutes of First Meeting of Board of Directors IRS Form 1023: Application for Recognition of Exemption (10/2004) IRS Form SS-4: Application for Employer Identification Number (12/2001) IRS Form 5768: Election/Revocation of Election by an Eligible Section 501(c)(3) Organization To Make Expenditures To Influence Legislation (12/2004) Index
Library of Congress Subject Headings for this publication:
Nonprofit organizations -- Law and legislation -- United States -- Popular works.
Incorporation -- United States -- Popular works.