How to Form, and Obtain Exemption for a Non-Profit Entity

Overview: 

This webinar reviews issues to be considered when forming a nonprofit entity, including advantages and disadvantages of becoming a tax-exempt nonprofit corporation, structural considerations, legal formalities and provisions of articles of incorporation and bylaws.  It also includes explores available tax exemptions, the criteria for 501(c)(3) organizations and prohibitions on private inurement and private benefit.  This presentation walks through the federal exemption application (Form 1023) and the streamlined application (Form 1023-EZ).  Finally, it introduces applications for exemption to state taxing authorities and reinstatement of tax-exempt status.

Course Objective: 

• You will be able to identify advantages and disadvantages of a separate nonprofit
• How to make practical suggestions regarding legal formation documents
• To determine available tax exemptions
• To recognize the difference between public charities and private foundations
• To identify criteria for 501(c)(3) organizations
• To recognize prohibited private inurement and private benefit
• To identify the parts of Form 1023 and information required to be disclosed
• What steps to take to remedy loss of exemption

Target Audience: 

• Legal and Tax Professionals
• Paralegals 
• Law Students

Basic Knowledge:

Familiarity with basic legal concepts and an understanding of federal income taxation principles would be beneficial but not mandatory.