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5 Steps to form a Non-Profit Corporation, Public Charity or Private Foundation

By John Williams | Published November 2, 2011

1. Form Non-Profit Corp (with language required by IRS for 501(c)(3)), with at least 3 directors. Do internal paperwork, like minutes, bylaws, etc. (We have a service in Delaware that does all this in a standard package for $298 www.incnow.com);

2. Obtain EIN (free online from IRS);

3. Open bank account;

4. File 1023 Application with IRS, rather involved form with $500 user fee if you plan to raise more than $10,000 per year, but expect response within 120 days for a tax determination letter; and

5. Annually file 990 tax return and annual reports with state of incorporation.

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When deciding where to form your company, consider that Delaware has advantages over your home state that may benefit you. Go