This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Nonprofit Bylaws Template For 501c3 In Michigan
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501(c)(3) entities are typically classified into three major categories: Public Charities: These receive a significant portion of their income from the public or governmental grants. Examples include churches, schools, hospitals, and broadly-supported charities.
(b) The board of a corporation that is not described in subdivision (a) shall consist of 3 or more directors.
Nonprofit LLC. The Michigan Limited Liability Company Act has a specific provision for what is called a low-profit LLC for charitable or educational purposes. While a low-profit LLC provides the organizers with limited liability, it poses significant problems in obtaining a federal tax exemption.
AN ACT to revise, consolidate, and classify the laws relating to the organization and regulation of certain nonprofit corporations; to prescribe their duties, rights, powers, immunities, and liabilities; to provide for the authorization of foreign nonprofit corporations within this state; to impose certain duties on ...
Michigan Nonprofit State Requirements Step 1: Pick a Name. Step 2: Determine the Incorporator and Registered Agent. Step 3: Establish a Board of Directors. Step 4: Develop Bylaws and a Conflict of Interest Policy. Step 5: File Articles of Incorporation. Step 6: Request a Federal EIN. Step 7: Apply for Federal Tax Exemption.
The Michigan Limited Liability Company Act has a specific provision for what is called a low-profit LLC for charitable or educational purposes. While a low-profit LLC provides the organizers with limited liability, it poses significant problems in obtaining a federal tax exemption.