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There are 26 different types of nonprofits or not for profit organizations. In its most basic form, a nonprofit organization is one that, as its namesake states, does not claim a profit, and also serves the public interest. Generally, the purpose of the organization should be social, civic, charitable, educational, scientific, or religious. That covers […]Continue reading
To be tax exempt, an organization must have one or more exempt purposes stated in its organizing document. In the case of nonprofits or 501(C)(3) organizations, they must be charitable, educational, or religious.For an organization to be considered charitable, it must conduct activities that promote: Relief of the poor, the distressed, or the underprivileged Advancement […]Continue reading
Aside from the societal benefits, there are many legal advantages to being declared a nonprofit corporation. Among them are tax exemption, the right to solicit donations, qualification for grants, employee benefits, and lower postal rates.Nonprofit corporations are exempt from paying federal, state, local, and certain employment taxes.They are also eligible for tax-deductible charitable donations. This […]Continue reading
While people loosely refer to a charitable organization under the term “nonprofit”, the term fails to convey the fact that there are two elements to a full-blown Tax-Exempt Nonprofit Corporation:1Creation of the Entity: One must incorporate at the State level (with the Secretary of State) as a Nonprofit Entity – most states offer the designation […]Continue reading