Insight on Nonprofits

Forming a nonprofit organization in Virginia can easily be established.

A nonprofit is set up and established just like a for-profit enterprise venture, yet with one additional step where you must apply for tax-exempt status with the Internal Revenue Service (IRS).

For Virginia, a nonprofit must be either a non-stock corporation or a limited liability company (LLC). In order to conduct fundraising, you must file a registration with the Virginia Department of Agriculture and Consumer Services. In addition, Nonprofits must obtain a local business license if required, and register with the Virginia Department of Taxation.

A nonprofit organization becomes tax-exempt, which allows businesses and individuals who donate to deduct their gifts when filing their federal income tax returns. So a nonprofit must file an application to become classified as a 501(c)(3) organization. You can find out further information from reading IRS publication 557, Tax-Exempt Status for Your Organization. All IRS forms can be obtained by calling 1-800-TAXFORM or you can also download the forms from the IRS website www.irs.gov

 

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3 Comments

Filed under Business Resources, Church, Corner insight foundation, entrepreneurship, Hot Topics, ideas, information, Inspiration, Ministry, Missions, Random thoughts, Resources, Success in Business, Success in Life, thoughts, Tips, Uncategorized, Writing

3 responses to “Insight on Nonprofits

  1. Pingback: IRS News » Blog Archive » Insight on Nonprofits

  2. I came across your blog on Technorati. Nice site layout. I will stop by and read more soon.

    Mike Harmon

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