Montgomery Maryland Articles of Incorporation, Not for Profit Organization, with Tax Provisions

Name: Montgomery Maryland Articles of Incorporation, Not for Profit Organization, with Tax Provisions
Brand: US Legal Forms
Rating: 4.57 (474 reviews)

Category:

Corporations - Incorporation

State:

Multi-State

County:

Montgomery

Control #:

US-02827BG

Format:

Instant download

Description

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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FAQ

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.

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.

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.

If the nonprofit has paid staff, the organization must cover the employer's portion of their Social Security, Medicare, and unemployment taxes. In most states, nonprofits are also responsible for paying the sales tax or using a tax on their purchases and charging the sales tax on their sold items.

Section 501 of the U.S. tax code outlines which types of nonprofit organizations are tax exempt. The section of this code that provides for exemption is section 501(a), which states that organizations are exempt from some federal income taxes if they fall under sections 501(c) or 501(d), or under section 401(a).

Property Tax Exemption Certain charitable, fraternal, educational, and religious organizations may be eligible for an exemption from state property tax. Once the property tax exemption is granted, the exempt status continues until it is revoked.

Facts and Figures about the Nonprofit Sector There are 1.6 million tax-exempt organizations in the United States this includes all 501(c) designations from churches and cultural centers to food banks and disaster relief organizations.

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.

No. Charitable and nonprofit organizations and institutions, per se, have no special exemption from the sales and use taxes.

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

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The Attorney General represents the public interest in the protection of charitable assets. These resources are certainly no substitute for legal advice from an attorney familiar with the law of tax-exempt organizations in Alabama.. Candid is a 501(c)(3) nonprofit organization, EIN 13-1837418. United States. Congress.

Montgomery Maryland Articles of Incorporation, Not for Profit Organization, with Tax Provisions

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