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Question for the Money Doctors

Question submitted on Feb 12, 2013.

Question

How do I start a not for profit company?

Answer

Generally, most not for profit companies are set up as a corporation in the state in which its organizer lives. After getting your articles of organization, you must file a Form 1023 if you are considering a typical not for profit organization under internal Revenue Code Section 501(c)(3). This covers religious, charitable, scientific, etc. purposes. Go the www.irs.gov and search for Publication 557. You then must complete a Form 1023, Application for Recognition of Exemption.


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