This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Purpose Of Bylaws For Nonprofits In Massachusetts
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Massachusetts requires all public charities operating in Massachusetts to register and file annual reports with the AGO's Non-Profit Organizations/Public Charities Division.
C. 156c, section 2(2), LLCs are defined specifically as “unincorporated organizations formed under c. 156c and having 1 or more members.”xv This in turn means that any non-profit LLCs in Massachusetts will be responsible for all of their real and personal property taxes, which can amount to a significant tax liability.
Every non-profit corporation organized under the laws of the commonwealth must file a non-profit annual report with the Corporations Division on or before November 1st of each year. M.G.L.A. c180 § 26A; 950 CMR § 106.13.
Who Must File a Form PC? Every public charity organized or operating in Massachusetts or soliciting funds in Massachusetts must file a Form PC, except organizations which hold property for religious purposes or certain federally chartered organizations.
Nonprofits aren't technically required to file an annual report, but they must file a similar report with the IRS. Form 990 is required to show the profits, losses, and expenses of your nonprofit over the past year. It's similar to an annual report but isn't exactly the same.
Every corporation authorized to transact business in the commonwealth MUST file an annual report with the Corporations Division within two and one half (2½) months after the close of the corporation's fiscal year end. M.G.L.A.
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.
Initially, to form the nonprofit, three directors are sufficient. In fact, in Massachusetts, one person is sufficient to form a nonprofit corporation, but this is not recommended for a nonprofit that plans to seek tax-exempt status.
C. 156c, section 2(2), LLCs are defined specifically as “unincorporated organizations formed under c. 156c and having 1 or more members.”xv This in turn means that any non-profit LLCs in Massachusetts will be responsible for all of their real and personal property taxes, which can amount to a significant tax liability.