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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.

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