What is a Non-profit Corporation?
A Non-Profit Corporation is a Corporation formed to carry out a charitable, educational, religious, literary or scientific purpose. A Non-Profit can raise funds by receiving public and private grant money and donations from individuals and companies.
Formation
Forming a Non-Profit Corporation is much like creating a regular Corporation, except that Non-Profits have to take the extra steps of applying for tax-exempt status with the IRS and their state tax division.
Advantages
- Non-Profits are exempt from corporate taxation.
- A Non-Profit is permitted to raise funds by receiving public and private grant money and donations from individuals and companies.
- Allows for tax-deductible contributions by donors to Non-Profit Corporations.
- Directors, officers and members have protection from personal liability for the Corporation's debts and liabilities.
- Non-Profits can be retained and used to pay reasonable salaries.
- Apply for 501(c) (3) status
- Tax Exempt Status
At Corporate Legal we can help you turn your dreams into a reality. When you form a Non-Profit we make it affordable and simple to take your idea and make it a reality.