Fulton Georgia Articles of Incorporation, Not for Profit Organization, with Tax Provisions

Name: Fulton Georgia Articles of Incorporation, Not for Profit Organization, with Tax Provisions
Brand: US Legal Forms
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Category:

Corporations - Incorporation

State:

Multi-State

County:

Fulton

Control #:

US-02827BG

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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.

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All places of religious worship and burial; and all property owned by and operated exclusively as a church or other religious association that qualifies as an exempt religious organization under Section 501(c)(3) of the Internal Revenue Code of 1986.

It is important to note that federal and state income tax exemptions do not control whether real property owned by nonprofit organizations in Georgia is exempt from property tax. Institutions of purely public charity. This the catch-all provision that most nonprofits will rely on for tax exemption purposes.

Updated March 2018 Page 2 2 Starting January 1, 2018, compensation income earners, self-employed and professional taxpayers (SEPs) whose annual taxable incomes are P250,000 or less are exempt from the personal income tax (PIT). The 13th month pay and other benefits amounting to P90,000 are likewise tax-exempt.

An individual may qualify as an organization exempt from federal income tax. (To qualify for tax-exempt status, an organization must be a corporation, community chest fund, or foundation. An individual or a partnership cannot qualify.)

Exempt Organization Types Charitable Organizations. Churches and Religious Organizations. Private Foundations. Political Organizations. Other Nonprofits.

Some of the most common types of exempt cor- poration are religious, charitable,-scientific, literary and educational organizations; community chests; chambers of commerce; boards of trade; social clubs; business and civic leagues; fraternal beneficiary societies, etc.

Nearly all tax-exempt organizations are subject to the UBIT requirements. These include charitable entities such as religious and educational organizations and scientific and research institutions.

Is organized primarily or exclusively for religious or charitable purposes; or. (i) is organized not for profit and (ii) no part of its net earnings inures to the benefit of any member or individual.

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Find information on annual reporting and filing using Form 990 returns, and applying and maintaining taxexempt status. Editor's Note: This legislation has been printed as adopted 12-5-1967, as amended.This article presents general guidelines for Georgia nonprofit organizations as of the date written and should not be construed as legal advice.

The purpose of this article is to provide general guidelines on the tax implications for charitable organizations and to help guide organizations on a path to compliance with tax laws. The article is intended to assist in providing guidance for nonprofit organizations with a particular focus on the tax aspects of charitable contributions. (A) IN GENERAL— This legislation governs the taxation of nonprofit organizations under state law. To comply with this legislation, Georgia nonprofit organizations must register with the Georgia Secretary of State (the “Secretary”) under Article 1B of this Chapter and make sure that charitable contributions paid to Georgia nonprofit organizations are exempt from state and local taxation. (For guidance on charitable contributions, see GA Code Sec. 63-4-1250.

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Fulton Georgia Articles of Incorporation, Not for Profit Organization, with Tax Provisions

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