When must form 1023 be filed?
IRS form 1023 is to be filed within 15 months of the filing date of the corporation. If the form is filed within this time period non-profit status will be retroactive to the original date of incorporation.
How Many Directors Must My Nonprofit Corporation Have?
The majority of states require a minimum of three directors Some states require only one director, including California, Colorado, Delaware, Iowa, Kansas, Michigan, Mississippi, New Hampshire, Oklahoma, Oregon, Pennsylvania, South Carolina, Virginia Washington, and West Virginia. Four states allow fewer than three directors if the corporation has fewer than three members, including Louisiana Massachusetts, Minnesota and Virginia
For What Purposes May a Nonprofit Corporation be formed?
According to IRS code 501 (c)(3) a non-profit may be formed for the following reasons:
- Religious
- Educational
- Charitable
- Scientific
- Literary
- Testing for public safety
- To foster national or international amateur sports competition
- Prevention or cruelty to children
- Animal organization
What are some of the limitations imposed upon Nonprofit Corporations?
There are a limited number of purposes for which a non-profit may be established. Please see the heading “For what purposes may a nonprofit corporation be formed?” for more information. Directors and officers are forbidden from receiving gains or financial profits from the corporation. The non-profit is forbidden from participating in political campaigns or legislative activity.
