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If you are starting an organization in Houston, you may have heard about a “non-profit organization 501(c)3.” A 501(c)3 gets its name from the provision of the Internal Revenue Code of the United States. The rule requires that an organization meet certain requirements to qualify for 501(c)3 non-profit status. If you meet those requirements, then the rule further provides favorable tax status to the organization.
The following types of legal entities can become 501(c)3 non-profit organizations:
Any of these types of legal entities can seek 501(c)3 tax status provided they meet the requirements of a non-profit. If you run an entity that is not one of the above types of entities, it is certainly possible to change your entity status to then qualify for non-profit status with the IRS. Consult with the Weisblatt Law Firm, LLC, for assistance in changing the status of your entity to qualify for non-profit status.
Non-Profit Organization 501(c)3’s have more stringent requirements than the underlying legal entity would otherwise have. For instance, net earnings cannot unfairly benefit an officer of the organization or a private individual. The non-profit is required to maintain strict compliance with this rule and file a Form 990 with the IRS annually. 501(c)3 non-profit organizations are also prohibited from campaigning for political candidates and are further required to keep lobbying to a minimum. There are more requirements than those outlined above, so it is important to speak with a business attorney before taking any actions that may disqualify your organization from 501(c)3 status.
To create a 501(c)3 non-profit, you will first create the underlying legal entity, such as a corporation, with provisions tailored to qualify for 501(c)3 status. After you create the entity, we will apply for the 501(c)3 status with the IRS, which is an involved process that requires the filing of IRS Package 1023. It is not unusual for the application to be over one hundred pages long. It will include such information as the name and structure of your organization, the required provisions in your operating agreement/ organizing document to qualify for 501(c)3 status, a narrative on the purpose of your non-profit, the compensation structure of your non-profit, the members of your non-profit, and the history of your organization. As you can see, this application can be quite long and legal representation can help you complete it accurately and thoroughly.
If you are seeking to form a 501(c)3 non-profit organization in Houston, then it is highly recommended that you have exceptional legal representation to guide you through the complicated process of obtaining non-profit status with the IRS. The Weisblatt Law Firm, LLC can help establish your organization so it is compliant with 501(c)3 status and can create the application to the IRS. Call an experienced business lawyer today at (713) 352-0847 or contact us online to create your non-profit organization.