There are a few kinds of tax-exempt nonprofit organizations, with slightly different IRS reporting and compliance requirements depending on the mission of the organization. Which sort of nonprofit do you want to be?
A private foundation is one type of tax-exempt nonprofit organization (also known as 501(c)(3) organizations) that receives special tax-exempt status from the IRS.
If you ever want to start a nonprofit charitable organization, you need to know a few things about the 501(c)(3), which is the official filing status that makes an organization exempt from taxation.
To clarify the relationship between nonprofit corporations and DBA filing, we’ll begin by discussing what it means to use a DBA name.
Here are the steps to determine whether a nonprofit is the right type of entity for you, and if so how you can start a nonprofit organization.
Forming a Nonprofit Corporation gives you the ability to raise money as a tax-exempt 501(c)(3) organization, which can help significantly in becoming more accessible to potential donors.