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.
Virgin Islands Articles of Incorporation, Not for Profit Organization, with Tax Provisions
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US-02827BG
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How to fill out Articles Of Incorporation, Not For Profit Organization, With Tax Provisions?
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FAQ
The U.S. Virgin Islands. 75% of the property's fair market value," he said. For a $1 million property, the real property tax rate would be 1.25% of $600,000 (60% of the assessed value), or $7,500.
U.S. citizens and permanent residents with income from the USVI, but who are not resident there, pay the same total amount of tax as they would if all their income were from U.S. sources, but the tax is apportioned between the United States and the USVI. This is done on IRS form 8689.
There is no corporate income tax or personal income tax in the BVI. Hence, individuals in the BVI do not have to pay taxes on any income earned from their business.
INDIVIDUAL INCOME TAX Individuals who are bona fide residents of the Virgin Islands file Form 1040 with the Virgin Islands and pay tax on their worldwide income to the Virgin Islands.
Up to 90% reduction in corporate and personal income tax; 100% exemption on other taxes, including business property and gross receipt taxes; U.S. currency, courts, and flag protection; rental space at below market rates in sponsored industrial parks.
People of these territories (except some in American Samoa) are U.S. citizens, pay federal taxes such as Social Security and Medicare ? but not federal income tax ? and can freely travel within the U.S. Much like states in the U.S., the territories also have their own governments and elect their own governors.
US Virgin Islands is not a tax haven or offshore jurisdiction, but USVI companies (or corporations) could be established as "USVI Exempt Companies" with partial or full exemption from local and US federal income taxes.
Start a Nonprofit in Virgin Islands Step One: Choose a Name. ... Step Two: File for Incorporation. ... Step Three: Prepare Your Bylaws. ... Step Four: Hold First Meeting. ... Step Five: Create a Records Book. ... Step Six: Apply for Federal Tax Exemption. ... Step Seven: State Tax Exemption. ... Step Eight: Register as a Charitable Organization.
