Colorado Reduction in Authorized Number of Directors
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How to fill out Reduction In Authorized Number Of Directors?
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FAQ
Directors/Officers: The minimum number of directors required in Colorado is 1 and they must be 18 years old. The Board of Directors elects the company officers, President, Vice President (if applicable), Secretary and Treasurer. The terms of office are stipulated in the company bylaws.
They are the stakeholders in your nonprofit's success. Incorporators are either an individual or corporation that signs the articles of incorporation. Keep in mind, however, that while Colorado law only requires one director, IRS regulations call for at least three unrelated individuals in this role.
It is recommended that your organization have at least three since the IRS will most likely not give 501(c)(3) status to an organization with less. 3-25 directors are recommended based on the size and purpose of your nonprofit. Raviraj heads the sales and marketing team at Donorbox.
Board members are expected to provide legal and financial governance, promote the organization in the community, and recruit and support the staff as they run the organization's daily operations. You need only one director in Colorado, but at least three for your nonprofit to become tax-exempt with the IRS.