This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws For 501c3 In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00444
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Board of Directors: There must be at least three (3) directors on the board. Board members do not need to be residents of the State of Illinois. The board runs the organization, and no individual can receive any profits from organization revenues.
An effective board size should be small enough to make decisions quickly while also allowing for sufficient diversity of opinion and experience. Generally, a board of three to five members is ideal. Too many members can make decision-making difficult, and too few may not provide the necessary insight and expertise.
The IRS generally requires a minimum of three board members for every nonprofit, but does not dictate board term length. What is important to remember is that board service terms aren't intended to be perpetual, and are typically one to five years.
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.
Nonprofit charities are under the jurisdiction of state and national laws, so they must comply with both legal systems. With that in mind, the federal government requires a minimum of three board members to acquire coveted 501c3 tax-exempt status.