What are the Steps to Form a Nonprofit Corporation?
Forming a nonprofit corporation involves several steps: 1. Choose a Name: The name should be unique and compliant with state regulations. 2. Incorporate: File articles of incorporation with the state where the nonprofit will operate. 3. Obtain an EIN: Apply for an Employer Identification Number (EIN) from the IRS. 4. Draft Bylaws: Create bylaws that govern the nonprofit's operations. 5. Apply for Tax-Exempt Status: Submit Form 1023 to the IRS to obtain 501(c)(3) status. 6. Register for State Tax Exemptions: Depending on the state, additional registrations might be required.