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Non-Profit

Question:

If I don’t get 501(c) (3) classification with the IRS, can I still claim tax exempt status?

Answer:

If you don’t get 501(c) (3) classification with the IRS, then you can’t accept funds based on the perception that you are a tax exempt organization.

  1. When I form a Non-Profit Corporation, am I automatically qualified for tax exempt status?

    No, you will need to complete the application process with the IRS to obtain 501(c) (3) status with the IRS. In most states you will not officially be a Non-Profit Corporation until you submit your approval from the IRS.

  2. How do I form a Non-Profit Corporation?

    Laughlin can form the Non-Profit at the state level and assist you with getting qualified for 501(c) (3) status with the IRS.

  3. If I don’t get 501(c) (3) classification with the IRS, can I still claim tax exempt status?

    If you don’t get 501(c) (3) classification with the IRS, then you can’t accept funds based on the perception that you are a tax exempt organization.

  4. Are there specific compliance obligations with forming a Non-Profit?

    As with all companies formed, you must follow certain rules and regulations. Non-Profits are required to hold annual meetings, keep minutes of board meetings and follow the regulations as defined by your Non-Profit status. Most states will require you to renew your Non-Profit annually and maintain a Registered Agent in the state in which you formed the company.

  5. In which state should I form my Non-Profit?

    In most cases you should form the Non-Profit in the state in which you are doing business. If you will be an international company or working in other states, then you will need to meet certain requirements as far as qualifying to do business in those states.

  6. How do I get started forming a Non-Profit?

    Simply call 1-800-648-0966 and speak with a Laughlin representative who will assist you every step of the way, or you can click on the “getting started” link and make your request on-line.

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