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.
Iowa 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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Non-Profit Organization Definition. Non Profit making organizations are formed for social welfare or charity. They usually promote science, art, charity, commerce or religion for social development and not for personal profit. Such establishments can be registered under Section 8 of the Indian Companies Act, 2003.
A charitable nonprofit organization can be organized in Iowa as a corporation, a trust, a limited liability company or an unincorporated association.
Non-profit status may make an organization eligible for certain benefits, such as state sales, property, and income tax exemptions; however, this corporate status does not automatically grant exemption from federal income tax.
To be exempt from withholding, both of the following must be true: You owed no federal income tax in the prior tax year, and. You expect to owe no federal income tax in the current tax year.
exempt organization must file an annual information return or notice with the IRS, unless an exception applies. Annual information returns for most types of organizations include Form 990, Form 990EZ or Form 990PF. Small organizations may be eligible to file Form 990N (ePostcard), an annual notice.
Organizations that meet the requirements of Internal Revenue Code section 501(a) are exempt from federal income taxation. In addition, charitable contributions made to some section 501(a) organizations by individuals and corporations are deductible under Code section 170.
In Iowa, nonprofit entities, even if they have qualified for federal tax exempt status, are treated the same as individuals for sales and use tax purposes. However, purchases made for resell are exempt from all sales taxes, even if a nonprofit corporation does not have a sales tax permit.
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.