5 Steps to form a Non-Profit Corporation, Public Charity or Private Foundation
By John Williams|Published November 2, 2011
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);
Obtain EIN (free online from IRS);
Open bank account;
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
Annually file 990 tax return and annual reports with state of incorporation.
