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.
Indiana 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
The only limitation for the size of a board of directors in Indiana is the requirement of a minimum of three members.
About the Nonprofit Corporation Act of 1991 The act applies to domestic and foreign nonprofit organizations interested in Indiana as a base of operations. It provides provisions applicable for setting up religious corporations, mutual benefit foundations, and public benefit organizations.
Code § 23-17-3-2. Articles of incorporation must contain the following: (1) A corporate name for the corporation that satisfies the requirements of IC 23-0.5-3.
Under the Indiana Act, nonprofit corporations may not issue shares. Members may lend or advance money to the corporation. Those con- tributions are redeemable for the total amount loaned plus a reasonable interest. Mergers and consolidations of nonprofit corporations are permitted under the Act.
A nonprofit organization must register for a sales tax exemption by filing Form NP-20A, which can be filed using the department's online e-services portal, called the Page 2 Indiana Department of Revenue ? Sales Tax Information Bulletin #10 2 Indiana Taxpayer Information Management Engine (INTIME), by visiting intime. ...
What Must You Include within Nonprofit Articles of Incorporation? Organization's name. ... Address for primary office. ... Nonprofit's purpose. ... Duration of organization. ... Contact details of Incorporators. ... Contact details of board members. ... Additional statements. ... Check your state's website.
Nonprofits Annual Report (Form NP-20) and Filings for the State of Indiana. Along with Form NP-20A, a nonprofit must file Form NP-20 the nonprofit's annual report- with the Indiana Department of Revenue. This must be filed on or before the 15th day of the 5th month following the close of the taxable year.
Ind. Code Ann. § 23-17-11-4. Quorum (Directors): Unless the bylaws or articles (or this chapter) says otherwise, a quorum of a board of directors consists of a majority of the directors in office immediately before a meeting begins.