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.
Utah 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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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.
Organizations organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational, or other specified purposes and that meet certain other requirements are tax exempt under Internal Revenue Code Section 501(c)(3).
How to Start a Nonprofit in Utah 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.
Non-profit and charitable organizations are eligible to apply to have their real property and personal business property to be exempt from taxation (Utah Code 59-2-1101 and Utah State Constitution, Article XIII, Section 3).
The Utah Department of Commerce charges $30 to file nonprofit articles of incorporation, plus $5 if you want a faxed confirmation that your filing went through. You can file online, in person, by mail, or via fax. If you file by fax, online, or in person you can pay with a credit card.
What is Not Taxed in Utah? Food: In Utah, groceries are not subject to state sales tax. ... Prescription Medications: Prescription medications are also exempt from sales tax in Utah. ... Medical Devices: ... Clothing: ... Nonprofit Organizations: ... Services: ... Subject to other taxes.
How to Start a Nonprofit in Utah 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.
Utah nonprofit corporations can obtain an exemption on state sales tax if they have been granted 501c3 status by the federal government. To apply for the state exemption, nonprofits need to complete and submit Form TC-160 and a copy of the IRS' Letter of Determination to the Utah State Tax Commission.