Incorporate your Nonprofit Online
Advantages of an Nonprofit
- Limited Liability Protection: Only the Corporation is liable for the debts and liabilities incurred by the business.
- No State or US residency requirement: There are no citizenship or residence requirements for ownership of an LLC.
- Potential Tax-Exempt Status: Organizations that qualify as public charities under Internal Revenue Code 501(c)(3) are eligible for federal exemption from payment of corporate income tax.
- Potential Eligibility for public and private grants: Many foundations and government agencies limit their grants to public charities.
- Employee Benefits: If your nonprofit has enough employees, it may qualify for group discounts to health or life insurance benefit programs.
- Volunteer Board Members: Typically, nonprofits do not pay their board members, which can save a lot of money. Another pro about board members is that they bring a variety of valuable skills, expertise, and greatly expand your network.
starting at:$39.99*plus statefiling fees
What is an Not for Profit Corporation and why would you need one?
Corporations are the most traditional types of companies and have long standing credibility before the courts. Corporations are legal entities that exist on its own, and have the ability to provide services, sell goods, generate profits and losses. As such, Corporations bear its own fiscal and legal responsibility separate from its owners, and shield owners from direct liability from company actions, thus providing limited liability.
As the name suggests, Not for Profit Corporations, must not operate for a financial gain but instead for a charitable purpose and in general for the common welfare and good of society.
Therefore, although Not for Profit corporations have the same structures as regular corporations, nonprofits do not have shareholders that distribute profits, they have members that act in the benefit of the company. Due to the altruistic purpose of the company, many states have established a minimum number of Directors that must serve in the Board. Like Corporations, nonprofits have Presidents, Treasurer and Secretary to care for the day to day operations of the nonprofit.
Some charitable organizations are eligible to obtain a tax-exempt status with the IRS and may qualify to receive tax-deductible contributions. Locally, some nonprofits may qualify for exemptions even if the company has not obtained a federal tax-exempt status.
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