i want to start a non profit but dont know how to start?
HELLO I WANT TO START A NON PROFIT HERE IN MY TOWN I WANT TO BUY SOME PROPERTY LAND OR A LRG BUILDING FOR A HOMELESS SHELTER HERE IN MY TOWN THERE ARE ALOT OF HOMELESS PEOPLE THAT HAS NO WERE TO SLEEP OR EAT AND EVEN TAKE A SHOWER ALONG WITH STARTING THE ACTUAL NON PROFIT I NEED HELP IN GOING ABOUT SETTING UP THE 501 C TAX FREE STATUS ALONG WITH FILING THE PAPER WORK TO INCOPERATE ANY HELP IN THIS MATTER WILL BE GRATE FULL TAKEN THANK U ANY WEB SITES
- 8 years agoFavorite Answer
A public charity is generally defined by the Internal Revenue Service, IRS, as "not a private foundation". The public charity receives a substantial portion of its revenue from the general public or from government grants. In order to remain a public charity (and not a private foundation), a 501(c)(3) must obtain at least 1/3 of its donated revenue from a fairly broad base of public support.
If your organization is acting as a public charity and would like to further discuss how is can attain a §501 (c)(3) certification for $950. Or look below for the link to the 1023 application.
For-Profit (Business) Organizations
A for-profit organization exists primarily to generate profit, that is, to take in more money than it spends. The owners can decide to keep all the profit themselves, or they can spend some or all of it on the business itself. Or, they may decide to share some of it with employees through the use of various types of compensation plans, e.g., employee profit sharing.
A nonprofit organization exists to provide a particular service to the community. Most nonprofits are organized into corporations, which are formed under the corporation laws of a particular state. Every state has provisions for forming nonprofit corporations.
Tax-exempt nonprofit corporations can, and do, operate in all other particulars like any other sort of business. They have bank accounts; own productive assets of all kinds; receive income from sales and other forms of activity, including donations and grants if they are successful at finding that sort of support; make and hold passive investments; employ staff; and enter into contracts of all sorts.
While Not-for-profit organizations are able to earn a profit, more accurately termed a surplus, such earnings must be retained by the organization for its self-preservation, expansion, or plans. NPOs have controlling members or boards, and many have paid staff including management, while other NPO’s employ unpaid volunteers and even executives who work without compensation. Here is your link to the 1023 non-profit application below! www.irs.gov/pub/irs-pdf/f1023.pdf
You should speak with Lynda if you need further assistance.Source(s): www.lgmbizpak.com