Question by Cody R: How do I start a non-profit organization? Does it have to be a formal one?
I want to start an organization for basketball that just does drills and works on skills and things like that (similiar to PIP if you’ve ever heard of it) for younger kids and to get them interested in the sport. Does my Organization have to be formal? What kind of stuff do I need to know?
Best answer:
Answer by V.T.V.RAM
It has to be a formal one.
Nonprofit incorporation is very similar to creating a regular corporation except that a nonprofit must take the extra steps of applying for tax-exempt status with the state in which it incorporates and with the IRS.
The following steps should be taken :-
Select a name that is legally available in your state.
File your “articles of incorporation,” and pay a filing fee.
Apply for federal and state tax exemptions.
Create bylaws that will dictate how the corporation is run.
Appoint an initial board of directors.
Hold the first meeting of the board of directors
Apply for any licenses or permits that your corporation will need to operate in your state and local municipality.
In order to qualify for tax-exempt (501c3) status , you should create a concept paper and document your ideas with the structure for the organization you propose and you must share your concept with like minded persons and involve them as initial founders.
Next step would be to contact an attorney to assist you in preparing incorporation filings in your state. After your organization in incorporated, obtain an employer ID number, and apply for 501c3 tax-exempt status with the IRS.
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