Business Opportunities Weblog

December 13, 2006 by Rich Whittle | 0 Comments

WikiHow.com:

Have you always wanted to leave the world a better place than you found it by starting a nonprofit corporation?

Here’s a simple, straightforward guide on how to successfully establish a 501(c)(3) nonprofit corporation.

1. Understand what a nonprofit is: an organization whose primary objective is to support some issue or matter of private interest or public concern (such as the arts, charities, education, politics, religion, research, or some other endeavor) for non-commercial purposes.

2. Formulate a mission statement.

3. Form a Board of Directors.

4. File Articles of Incorporation.

5. Draft bylaws.

6. Develop a budget.

7. Develop a record-keeping system.

8. Develop an accounting system.

9. File for 501(c)(3) status.

10. Apply for a federal employer identification number.

11. File for state and local tax exemption.

12. Fulfill charitable solicitation law requirements.

13. Apply for a nonprofit mailing permit.

It is important to file your 1023 within 27 months of the date when your organization was established, or when your Articles of Incorporation were filed. Although the IRS may approve an additional extension under certain circumstances, missing the deadline may result in your charity or foundation not getting 501(c)(3) recognition retroactive to its incorporation date.

For more information on each step, go here.

Photo by Spider Dijon.

In Government, Legal, Planning, Public Relations, Startup, Strategy | 0 Comments