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Membership Non Stock Corporation FAQ

Unlike a regular corporation, a nonprofit corporation does not have stockholders. Instead, nonprofit corporations can choose to have members.A formal membership structure often grants members certain basic rights, such as the power to vote for directors and approve a sale or merger.

Choose a name. File articles of incorporation. Apply for your IRS tax exemption. Apply for a state tax exemption. Draft bylaws. Appoint directors. Hold a meeting of the board. Obtain licenses and permits.

Prepare the following documents accordingly (according to the official SEC website): Secure a Name Verification Slip. Write an affidavit of an incorporator or Director undertaking to change the corporate name. Submit 4 copies (with cover sheets) of each document for SEC registration.

Name Reservation and Payment Form. Notarized Articles of Incorporation and By-laws. Treasurer's Affidavit. Bank Certificate of Deposit or Proof of Inward Remittance. Duly accomplished SEC Form F-100 (for corporations with more than 40% foreign equity)

Definition: refers to a business corporation which does not issue stock to its members and are created not to profit but for the public good and welfare. Of this character are most of the religious, social, charitable, educational, literary scientific, civic and political organizations and societies.

A Non-Stock Corporation is basically a corporation that does not issue shares of stock. It can be formed as either a for-profit or non-profit corporation. Since the Non-Stock Corporation has no shareholders, it is owned by its members meaning a member-owned corporation that does not issue shares of stock.

Name verification slip of the company name to be used. Articles of Incorporation and By-laws; Joint affidavit of two (2) incorporators undertaking to change name; List of members, as certified by the corporate secretary, unless already stated in the Articles of Incorporation; and,

Non-stock corporations may be formed for charitable, religious, educational, professional, cultural, fraternal, literary, scientific, social, civic service, or similar purposes, such as trade, industry, agricultural and similar chambers, or any combination thereof (Revised Corporation Code Section 87).

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