This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws Sample For A Nonprofit Organization In Illinois
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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.
Stat. § 460/4 | Effective Jan. 1, 2024, a charitable organization with annual contributions more than $500,000 must file an audited financial statement prepared by an independent CPA. A charitable organization with contributions between $300,000 and $500,000 must file a financial statement with the Attorney General.
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.
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.
How to Start a Nonprofit in Illinois Name Your Organization. Recruit Incorporators and Initial Directors. Appoint a Registered Agent. Prepare and File Articles of Incorporation. File Initial Report. Obtain an Employer Identification Number (EIN) ... Store Nonprofit Records. Establish Initial Governing Documents and Policies.
17 steps to starting a nonprofit in illinois Give your organization a name. Choose your mission statement. Identify your vision and values. Create a business plan. Choose your incorporators, directors, and officers. Recruit your registered agent. File your articles of incorporation. Receive Employer Identification Number (EIN)
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.
The Big Picture Follow the steps below to start a nonprofit organization in Illinois. Pick a name. The name must be unique. Appoint a registered agent. Choose your board of directors. State your charitable purpose. File your articles of incorporation. Create bylaws.
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.
