How do you start a non profit 501c3 company?

Question

I am thinking of starting a non-profit company - I do not know what is involved. Is there any easy to understand information? The IRS information is not easy to understand. THANKS

Answer 1

You get an accounant to help you out. People on the internet are stupid and will screw you over with bad advice. If you pay an accountant and he screws stuff up, you can get your money back and get your problems solved.

Answer 2

1- form a Corporation in your state including Articles of Incorporation and Bylaws. In maryland this was just 1 form, $250 in filing fees, and I had to write the AoI and Bylaws myself. I also requested a Certifed Copy be returned to me as proof to the bank I had filed and was legit.

2- request an Employer Identification Number (EIN) from federal government. This is free and can be done over the phone.

3- figure out your budget for next 2-3 years, board of directors, how you'll address conflicts of interest, and your mission statement

4- file form 1024 with the IRS to apply for provisional 501c3 status. This is the important one, so take your time to answer it right. This allows your donors to take tax deductions from date of filing. It takes about 60-75 days for it to be approved, then you'll have your provisional status. After your 3rd full year of operation the IRS looks at what you did compared wiht your mission statement, budget, etc and gives you final determination for nonprofit status. If they deny it for a silly reason, you can appeal.

This may seem hard but it's not too bad. The really hard part is figuring out how you're going to pay for things: fundraising is a real challenge... .but that's a topic for another day.

If you're interested, drop me a line privately and I can answer more questions and/or give you links & book titles.

Answer 3

Go to http://www.score.org/ to find the nearest SCORE chapter. Contact them to arrange for a free one on one meeting with a SCORE counselor.

SCORE is a nonprofit organization. They provide a public service by offering small business advice and training. .

SCORE's 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.

Answer 4

Go to different on line search engines and ask...