This state-specific form must be filed with the appropriate state agency in compliance with state law in order to create a new tax-exempt non-stock corporation. The form contains basic information concerning the tax-exempt non-stock corporation, normally including the corporate name, number of shares to be issued, names of the incorporators, directors and/or officers, purpose of the corporation, corporate address, registered agent, and related information.
Maryland Articles of Incorporation for Tax-Exempt Nonstock Corporation
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Maryland
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MD-00INCX
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FAQ
NON STOCK CORPORATIONS exist for the sole purpose of having a non-profit or charitable organization and further requires that you subsequently qualify as a tax exempt organization with the IRS. A NON STOCK corporation by definition has no shareholders, and the business is overseen by a Board of Directors.
To obtain 501(c)(3) status, a nonprofit corporation must apply to the Internal Revenue Service for recognition of tax exemption by filing IRS Form 1023. Relatively speaking, forming the corporation is fairly straightforward (assuming that one completely understands the process).
Exemption Requirements - 501(c)(3) Organizations To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual.
Both of them exempt organizations from paying corporate income taxes. However, a 501(c) organization may not allow its donors to write off donations while a 501(c)(3) organization lets its donors take tax deductions on their contributions.
To apply for recognition by the IRS of exempt status under section 501(c)(3) of the Code, use a Form 1023-series application. The application must be submitted electronically on www.pay.gov and must, including the appropriate user fee.
A non-stock, for-profit corporation may be formed for a single, short-term purpose or a specific transaction.Non-Profit status is typically used by organizations which plan to apply for tax exemption under section 501(c)(3) of the IRS code.
How much is the user fee for an exemption application? The user fee for Form 1023 is $600. The user fee for Form 1023-EZ is $275. The user fees must be paid through Pay.gov when the application is filed.
To apply for recognition by the IRS of exempt status under section 501(c)(3) of the Code, use a Form 1023-series application. The application must be submitted electronically on www.pay.gov and must, including the appropriate user fee.
You can find information on any corporation or business entity in Maryland or another state by performing a search on the Secretary of State website of the state or territory where that corporation is registered.