Purpose Of Bylaws For Nonprofits In Maricopa
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For most organizations, the tax year ends December 31 so the Form 990 is due May 15. Exempt organizations no longer need to file either the Arizona Form 99 or copies of their federal Form 990 annually. Arizona does not offer an overall exemption for nonprofits, but they allow exemptions for some single transactions.
Arizona does not require LLCs to file an annual report. Taxes. For complete details on state taxes for Arizona LLCs, visit Business Owner's Toolkit or the State of Arizona .
Arizona Business Licenses You may need to obtain local or state business licenses or permits, depending on the type of activities your nonprofit intends to engage in, and where it is located within the state.
A Certificate of Good Standing is not a requirement for forming LLCs and corporations. Rather, Certificates of Good Standing are typically requested by banks or financial institutions to certify that a company is properly registered with the state.
The minimum number of board members is set by state statute. Arizona requires one board member. Nonprofits do not need to be incorporated to receive tax exempt status from the IRS, but it is usually recommended.
Corporate bylaws are legally required in Arizona. AZ Rev Stat § 10-206 states that the “board of directors of a corporation shall adopt initial bylaws for the corporation.” This means that adopting bylaws is a legal requirement.
Publication requirement. Arizona requires corporations to publish notice of the incorporation within 60 days of incorporation in a publication (i.e. newspaper) in the known place of business for three consecutive publications.
You can convert an LLC to a nonprofit if the business entity is eligible under IRS Section 501(c)(3). 501(c)(3) nonprofits benefit from federal and state tax exemption and gain more access to funding resources.
In Arizona, you can convert an LLC into a nonprofit corporation by filing a Statement of Conversion. However, it's not as easy as just filing a form. You first need the approval of all LLC members, and you'll need to draft Articles of Incorporation and nonprofit bylaws as well.
