
Understanding Nonprofit Filing Requirements
If you are interested in creating a tax-exempt, nonprofit organization, it is important to understand filing requirements. Most nonprofit entities are non-stock corporations qualified as tax-exempt under Section 501 (c)(3) or (c)(4) of the Internal Revenue Code. They are often religious, charitable, scientific, literary and educational, and in some cases they are social organizations, clubs, business leagues and the like. Starting a Nonprofit Nonprofit organizations have different purposes and missions but are created in a similar manner with two major components: (i) state incorporation as a non-stock corporation, and (ii) applying for and securing tax-exempt status from the Internal Revenue Service (IRS). Incorporation can be accomplished quickly, while securing IRS tax-exempt status may take several months. Once you’ve incorporated and secured tax-exempt status, the organization will enjoy the benefits of tax-exempt status, limited liability, and perpetual existence. Incorporating The first step toward creating a nonprofit is state incorporation. In Virginia, non-stock corporations require the founder(s) to: Select a name. Adopt articles of incorporation, bylaws, and required resolutions. Appoint a registered agent and registered office. Choose Officers and a Board of Directors. Hold an initial meeting of the Board of Directors. Obtain a Federal Employer Identification (FEIN) Number and any required