Nothing is more inspiring than when we hear about an organization that reaches out to the community to make a difference. Whether it is through education, homelessness or a food pantry, nonprofits have the opportunity to provide services or funding to those who may not have it available to them otherwise. Every day, nonprofit entities are being created for that purpose.
A nonprofit corporation is generally described as an organization created for the purpose of serving a public benefit without making a profit. If a non-profit company decides to stop doing business and dissolve, it must distribute its assets among other non-profits.
According to the Internal Revenue Service, non-profit status may make an organization eligible for certain benefits, such as state sales, property, and income tax exemptions. This corporate status does not automatically grant exemption from federal income tax. To be tax exempt, most organizations must apply for recognition of exemption from the Internal Revenue Service to obtain a ruling or determination letter recognizing tax exemption.
Your articles of incorporation must contain specific provisions that will allow your company to apply to the IRS for recognition of federal tax-exempt status as a charitable organization under section 501(c)(3).
Each state has different requirements and forms that must be completed.
UCS is with you every step of the way by providing the necessary forms to file with the Secretary of State as well as assist with drafting and submitting to the proper department. UCS also provides a registered agent office which is required in most states.