The Complete Guide to Nonprofit Corporations/Step-By-Step Guidelines, Procedures and Forms to Maintain a Nonprofit Corporation

by Nicholas, Ted

• ISBN13: 9780793106158
• ISBN10: 079310615X
• Edition: Revised
• Format: Paperback
• Copyright: 1993-09-01
• Publisher: Dearborn Trade Pub

Table of Contents

The History of the Nonprofit Corporation	1	(4)
How We Got to Where We Are Now	1	(4)
The Advantages of a Nonprofit Corporation	5	(8)
Tax Exemption	5	(1)
The Right To Solicit Funds	6	(1)
Low Postage Rates	7	(1)
Exemption From Labor Rules	7	(1)
Exemption From Special Duties	8	(1)
Immunity From Tort Liability	8	(1)
Legal Life	8	(1)
Limited Liability	9	(1)
Continuous Existence	10	(1)
Organizational Formality	10	(1)
Employee Benefits	11	(1)
Fiscal Year Flexibility	11	(2)
Disadvantages of a Nonprofit Corporation	13	(6)
The Costs of Incorporating	13	(2)
Legally Required Paperwork	15	(1)
Lack of Personal Control	16	(1)
Little Operating Flexibility	17	(1)
Scrutiny by Outsiders	17	(2)
Basic Requirements for a Nonprofit Corporation	19	(6)
Arranging for Incorporators	20	(1)
Selecting the Board of Directors	20	(1)
Drafting the Articles of Incorporation	21	(2)
Filing the Certificate and Fee Payments	23	(1)
Notice of Acceptance and Filing	23	(2)
General Corporation Law and Nonprofit Corporations	25	(4)
Delaware Corporation Law and Its Advantages for Nonprofit Corporations	29	(4)
The Role of the Registered Agent	33	(6)
List of Registered Agents in Delaware	34	(2)
The Company Corporation	36	(1)
Listing of Fees	37	(1)
The Corporate Kit	37	(2)
Qualification versus Incorporation in States Other than Delaware	39	(4)
Use of the Registered Agent	40	(1)
Foreign Corporations	40	(1)
When Qualifying May Not Be Necessary	41	(2)
Special-Purpose Tax Exemptions for Nonprofit Corporations	43	(64)
IRS Standards for Exemption	44	(1)
Other Categories of Section 501(c)	45	(1)
Organizations Eligible for Tax Exemption	45	(4)
Unrelated Business Income	49	(1)
Annual Financial Reports	50	(1)
Information To Be Reported	50	(3)
Instructions for IRS Form 990	53	(20)
IRS Form 990	73	(6)
Instructions for Schedule A (Form 990)	79	(8)
Schedule A	87	(6)
Instructions for IRS Form 990EZ	93	(12)
IRS Form 990EZ	105	(2)
Types of Nonprofit Organizations	107	(8)
Public Charities and Private Foundations	108	(1)
Public Charities	108	(1)
Private Operating Foundations	109	(1)
Private (Nonoperating) Foundations	109	(1)
How To Qualify	109	(1)
The Personal/Private Foundation	110	(1)
Choosing an Organizational Structure for Your Nonprofit Corporation	111	(1)
Membership Organizations	112	(1)
Nonmembership Organizations	112	(3)
A Step-by-Step Organizing Plan	115	(38)
Define the Purpose of the Corporation	115	(1)
Statement of Purpose: Elements Necessary for Tax-Exempt Status	116	(2)
Two Disclaimers Necessary in the Certificate of Incorporation	118	(1)
Decide on the Type of Corporation	118	(1)
Organize Your Organizers	119	(2)
Select a Name for the Corporation	121	(1)
Establish a Headquarters Address	122	(1)
Draft the Certificate of Incorporation	122	(3)
Draft a Set of Bylaws	125	(1)
Select a Registered Agent	126	(1)
Submit Your Incorporating Document	126	(1)
Apply for Tax-Exempt Status	127	(1)
Your Corporation Is in Business	127	(1)
State Fees for Qualifying Delaware Corporations in Other States	127	(4)
Sample Forms You Can Use To Incorporate Your Organization	131	(2)
Actual Certificate of Incorporation	133	(4)
Certificate of Incorporation (Sample)	137	(4)
Notary's Affidavit	141	(2)
Bylaws	143	(10)
Preparing the Application for Tax Exemption	153	(50)
Definitive Rulings	153	(1)
Advance Rulings	154	(1)
Application Forms	155	(1)
IRS Publications	156	(1)
Checklist for Completing IRS Form 1023	156	(2)
Attachments	158	(1)
Questions from the IRS	159	(1)
Where To Send Your Application	159	(2)
Instructions for IRS Form 1023	161	(8)
IRS Form 1023	169	(26)
IRS Form 8718	195	(2)
IRS Form 872-C	197	(2)
Form SS-4 (and official instructions)	199	(4)
After Incorporation: Getting Under Way	203	(12)
The Checklist	204	(4)
A Word about the Forms That Follow	208	(1)
Waiver of Notice of the First Meeting of the Board of Directors	209	(2)
Minutes of the First Meeting of the Board of Directors	211	(2)
Organizational Minutes of the Sole Director	213	(2)
Appendixes	215	(30)
Appendix A: Where To Get Information on Nonprofit Corporation Laws and Forms in Every State	215	(6)
Appendix B: Text of Internal Revenue Code Sections 501, 521, 527 and 528	221	(24)
Index	245