Forming a nonprofit corporation is much like creating a regular corporation, except that nonprofits have to take the extra steps of applying for tax-exempt status with the IRS and their state tax division. Here is what you need to do:
- Choose an available business name that meets the requirements of state law. Click here for more information.
- File formal paperwork, usually called articles of incorporation, and pay a small filing fee. (check your secretary of state’s office in your state for this information)
- Apply for your federal and state tax exemptions.
- Create corporate bylaws, which set out the operating rules for your nonprofit corporation. More information here.
- Appoint the initial directors. (In some states you must choose your initial directors before you file your articles, because you must list their names in the document.)
- Hold the first meeting of the board of directors.
- Obtain licenses and permits that may be required for your corporation.
After establishment of you 501(c)(3), be sure you understand your financial obligations. If you need church or not for profit accounting help, you will find a great deal of information on the IRS website to help you get started.
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