A nonprofit corporation is one that is organized for charitable or benevolent purposes. These corporations include certain hospitals, universities, churches, and other religious organizations. A nonprofit entity does not have to be a nonprofit corporation, however. Nonprofit corporations do not have shareholders, but have members or a perpetual board of directors or board of trustees.
The proper form and necessary content of articles or certificates of incorporation for a nonprofit corporation depend largely on the requirements of the state nonprofit corporation act in the state of incorporation. Typically nonprofit corporations have no capital stock and therefore have members, not stockholders. Because federal tax-exempt status will be sought for most nonprofit corporations, the articles or certificate of incorporation must be carefully drafted to include specific language designed to ensure qualification for tax-exempt status.
Colorado Articles of Incorporation, Not for Profit Organization, with Tax Provisions
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How to fill out Articles Of Incorporation, Not For Profit Organization, With Tax Provisions?
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FAQ
Colorado allows charitable organizations to be exempt from state-collected sales tax for purchases made in the conduct of their regular charitable functions and activities.
Some religious, charitable and educational nonprofit tax-exempt organizations may qualify for property-tax exemption. An organization must own real property to take advantage of this exemption.
How to Start a Nonprofit in Colorado 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.
Colorado Nonprofit Board Member Requirements The organization structure of your nonprofit in Colorado MUST include at least 3 directors who are not related to each other.
501(c)(3) nonprofits apply using Form 1023 or Form 1023-EZ. Review the criteria for each application and make sure you meet the eligibility requirements set out by the IRS. Other types of nonprofits, including 501(c)(4)s and 501(c)(6)s, apply using Form 1024.
Colorado allows charitable organizations to be exempt from state-collected sales tax for purchases made in the conduct of their regular charitable functions and activities.
The state of Colorado does not require nonprofits to obtain a business license, but many locations have their own requirements. It is best to contact your local government offices to ensure you do not have to have a business license.
The federal government doesn't require nonprofits to pay taxes, so the money they save can be used for charitable purposes. Nonprofits that qualify for 501(c)(3) don't have to pay federal or state income taxes. Most nonprofits fall into the 501(c)(3) category, and this is the category that offers the most tax benefits.