Start a Non-Profit
Depending on your type of business, you might consider forming a non-profit. Most nonprofits are formed to provide a benefit to the public. This could be a social club, trade organization, or cooperative. These kinds of public-benefit companies are known as Sec. 501(c)(3) organizations, named for the relevant section of the Internal Revenue Code. They are exempt from taxation but you must still file a tax return. While the business may be non-profit, this does not limit the salaries and benefits paid to its officers.
You might qualify to use the 1023 EZ form (14 to 28 days approval); if not, you must file the longer 1023 form (180 to 360 days approval). Nevada Corporate Associates is set up to immediately start the process for you. We will obtain your letter of determination and your Permanent Certificate of Exemption status in the absolute fewest amount of days possible.
Submit an Application
When you file IRS Form 1023, the average IRS processing time is 90-180 days, but 270 to 360 days are possible. Applicants are typically large or complex organizations, so the IRS closely scrutinizes these applications.
Get IRS Approval
Depending on the status and complexity of your organization, the 1023 form application can be incredibly complicated. Your Form 1023 application must be precisely written, and clearly answer questions required by the IRS. Your Form 1023 must also provides enough information to minimize follow up questions by the IRS that can considerably delay your application.
Our expertise in completing Form 1023 applications speeds IRS approval. Nevada Corporate Associates is extremely thorough and careful when completing your Form 1023. We typically receive a reply from the IRS in 30-90 days.
For more information, see Private Foundations.