WHAT ARE MEMBERS OF THE NONPROFIT PUBLIC BENEFIT CORPORATION? Membership for a Nonprofit Public Benefit Corporation is optional. The reasons for providing membership in a nonprofit include: (1) Attract funds through membership, or (2) Establish support in the community. However, many administrative burdens are associated with forming a membership organization and it is more common …
TAX EXEMPTION STATUS The major benefit of charitable nonprofit organizations is that they may qualify for exemption from Federal and State income tax. In addition, corporate donors may deduct contributions to organizations that are exempt under section 501(c)(3) of the Internal Revenue Code from their personal Federal income tax. A tax professional must be retained …
How Does A Nonprofit Obtain Tax Exemption Status? Read More »
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