NONPROFIT ENTREPRENEURS - STARTUP STEPS
Nonprofit Entrepreneur
Starting a Non Profit, Foundation or 501c3 Charity can be very rewarding but very complex as well. In addition to providing your services, you must also hire, train & manage employees, maintain compliance with government regulations, understand your market and position your company to grow. Donations do not come by easily, the odds of failing and business risks are high.
WHEN STARTING UP any business, there are obviously countless things to consider: Do I need a business plan? Should I work from home or lease office space? How will I reach prospective customers? But when you're launching a social enterprise, one more quandary needs to be added to the list: Do I set up shop as a nonprofit or a for-profit? If you are a nonprofit 501c3 entrepreneur, Review the following Non Profit here are the startup steps needed to get started.
Nonprofit Startup Steps
- Select a business name
- Search for a similar domain name
- Reserve a name with the state
- Obtain a local business license if applicable
- Elect a Board of Directors and elect Officers. Directors and officers may be the same 3 people
- Incorporate as a nonprofit
- Prepare and File Articles of Incorporate
- Prepare and Adopt Bylaws
- Prepare and Obtain EIN via IRS Form SS4
- Obtain 501c3 tax exemption status
- Prepare and Maintain First Minutes of Your First Meeting of Board of Directors
- Prepare and File Form 1023 (Federal Tax Exemptions)
- Prepare and File for State Tax Exemption
- Prepare and File Initial Solicitation Registration
On an ongoing basis, maintain your good standing, most organizations will have to do the following:
- Prepare Annual Minutes
- Prepare and File Annual Solicitation Report
- Prepare and File Statement of Information/ Annual Report
- Prepare and IRS Form 990 and STATE TAX Form
Entrepreneur after obtaining 501c3 exemption, most newly created organizations will be required to File Form 8734 with the IRS after 5 (5) years of operation.
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