A not-for-profit organization is an organization in which does business without the intention of making a profit. Not-for-profits choose a mission for the community rather than individual’s interests. They can solicit donations from the public for the work of the greater good and to help those in need.
To file a non-profit, Articles of Incorporation must be filed with the New York Department of State. First, you must select the purpose of the corporation that it is organized under the Not-for-Profit Corporation Law, as either a charitable corporation, non-charitable or other. A charitable corporation focusses on the well-being of others with in the community. Philanthropy is the main goal of a charitable corporation. In a non-charitable corporation there are specific causes or issues, such as political organizations or places like public libraries. All charities are non-profits, but not all non-profits are charitable.
In addition to a purpose, consents may be required based on the purpose. Also, a minimum of 3 initial directors are required to start the not-for-profit. The directors must be natural persons at least 18 years old. Not-for-profits do not have any owners; they are run by the board of directors whom can be held legally responsible for its debts.
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A not-for-profit organization is filed like a regular corporation, but there are additional steps are needed to file for tax exemption. Including the IRS language in your Articles of Incorporation is necessary for achieving tax except status. Once the Articles of Incorporation are filed, you can begin applying for tax-exempt status. There are federal, state and local tax exemptions that can be applied for through the IRS. To obtain 501©3 status, Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, is a long form required to exempt from federal taxation. A shorter form, for low budget organizations, can file 1023-EZ Streamlined Application for Recognition of Exemption under Section 501(c)(3) of the Internal Revenue Code. Filing form CT 247 Application for Exemption from Corporation Franchise Taxes By a Not-for-Profit Organization will exempt your not-for-profit from corporate tax.