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.
Hawaii Articles of Incorporation, Not for Profit Organization, with Tax Provisions
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Multi-State
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US-02827BG
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FAQ
The GET is a privilege tax imposed on business activity in the State of Hawaii. The tax is imposed on the gross income received by the person en- gaging in the business activity. The GET applies to nearly every form of business activity.
The exempt purposes set forth in section 501(c)(3) are charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and preventing cruelty to children or animals.
Nonprofit corporations are not automatically tax exempt. Once a nonprofit corporation is established in Hawaii, exemption from federal income taxes may be sought from the Internal Revenue Service. Some, but not all, nonprofit corporations apply for and receive some form of tax exemption.
Are Nonprofits Taxed? Nonprofit organizations are exempt from federal income taxes under subsection 501(c) of the Internal Revenue Service (IRS) tax code. A nonprofit organization is an entity that engages in activities for both public and private interest without pursuing the goal of commercial or monetary profit.
Organizations organized under the Hawaii not-for-profit statute (chapter 415B, Hawaii Revised Statutes) do not automatically qualify for exemption from Hawaii's income tax and general excise tax.
A general excise tax license is obtained by filing a Form BB-1, "State of Hawaii Basic Business Application." If a nonprofit organization filed a Form G-6 or Form G-6S and was assigned a Hawaii tax identification num- ber, the nonprofit organization still needs to file a Form BB-1 to obtain a general excise tax li- ...