A nonprofit corporation is one that is organized for charitable or benevolent purposes. These corporations include certain hospitals, universities, churches, and other religious organizations. A nonprofit entity does not have to be a nonprofit corporation, however. Nonprofit corporations do not have shareholders, but have members or a perpetual board of directors or board of trustees.
The proper form and necessary content of articles or certificates of incorporation for a nonprofit corporation depend largely on the requirements of the state nonprofit corporation act in the state of incorporation. Typically nonprofit corporations have no capital stock and therefore have members, not stockholders. Because federal tax-exempt status will be sought for most nonprofit corporations, the articles or certificate of incorporation must be carefully drafted to include specific language designed to ensure qualification for tax-exempt status.
South Dakota Articles of Incorporation, Not for Profit Organization, with Tax Provisions
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US-02827BG
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What is a not-for-profit organization? Similar to a nonprofit, a not-for-profit organization (NFPO) is one that does not earn profit for its owners. All money earned through pursuing business activities or through donations goes right back into running the organization.
benefit nonprofit corporation is a type of nonprofit corporation chartered by a state government, and organized primarily or exclusively for social, educational, recreational or charitable purposes by likeminded citizens.
Certain gross receipts resulting from the sale of tangible personal property by civic and nonprofit associations are exempt from the state and local sales taxes.
Some customers are exempt from paying sales tax under South Dakota law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.
Organizations organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational, or other specified purposes and that meet certain other requirements are tax exempt under Internal Revenue Code Section 501(c)(3).
A church is not exempt from paying sales tax on purchases even though it may have a 501(c)(3) or other exempt status with the IRS. A church is not required to have a sales tax license for most activities, but it may be required to obtain a license if it sells taxable products or services.
Are Nonprofits Taxed? Nonprofit organizations are exempt from federal income taxes under subsection 501(c) of the Internal Revenue Service (IRS) tax code. A nonprofit organization is an entity that engages in activities for both public and private interest without pursuing the goal of commercial or monetary profit.
South Dakota Sales Tax Exemption for a Nonprofit You must file a separate application in order to receive state sales tax exemption. If your organization makes taxable sales or purchases, obtaining South Dakota sales tax exemption will allow your nonprofit to allocate more funds towards pursuing its mission.