This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws Of A Corporation For Nonprofit Organizations In Chicago
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State:
Multi-State
City:
Chicago
Control #:
US-00444
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Traditionally, when starting a nonprofit, the best choice for legal structure is to form a nonprofit corporation at the state level and to apply for 501(c)(3) tax exemption at the federal level.
Although state laws differ, here are some general steps to dissolving your nonprofit organization. Board approval and plan of dissolution. Approval from the state Attorney General. Dissolving the business entity. Notify the IRS. Asset distribution. Additional steps and considerations.
Traditionally, when starting a nonprofit, the best choice for legal structure is to form a nonprofit corporation at the state level and to apply for 501(c)(3) tax exemption at the federal level.
All charities that solicit in Illinois should be registered with the Office of the Attorney General. The Attorney General's Office can tell you if a charitable organization is registered and current in its reporting requirements.
The Revenue Code of 1954 established the 501c structure that we still use today to define the different types of charities. The 501c3 is perhaps the most common, but there are also many other types depending on the organization's purpose.
The first 'modern' nonprofit is considered to be The Peabody Education Fund, founded in 1867 with the purpose of integrating poor white and formerly enslaved people in the south.
There must be at least three directors. They do not have to be Illinois residents or corporation members, but you may require these and any other qualifications you choose. Restrictions and qualifications may be outlined in the Articles of Incorporation under the Other Provisions section or in the corporate by-laws.
Corporate bylaws are a company's foundational governing document. They lay out how things should run day-to-day and the processes for making important decisions. They serve as a legal contract between the corporation and its shareholders, directors, and officers and set the protocol for how the organization operates.
Corporate bylaws are legally required in Illinois. Illinois statute §805 ILCS 5/2.20 requires that bylaws be adopted either by shareholders at the first shareholder meeting or by directors at the initial director meeting.
Here are some examples of provisions that nonprofit organizations should avoid including in their bylaws. Organizational Policies and Procedures. Specifically Targeted Policies that Adversely Affect Future Boards. Provisions that Violate State Laws. Inconsistencies with the Articles of Incorporation.