I am wanting to turn my mini-farm into a horse rescue with the help of contributions. Im great at marketing but dont know how to get started on the legals of a non profit, or what it entails. Anyone have suggestions, ideas, or experience to pass along? Someone even told me there are government grants for this kind of thing. Anything you can tell me is sure to help go the next step. Thanks..--Answer1:First you get an attorney and incorporate. Then you pay the fees and apply to the IRS for non-profit status. Once that is done youll need to seat a Board of Directors and hire an accountant as the paperwork is more detailed than a regular business..--Answer2:This is a very arduous process but it can be done.Go to www.irs.gov and download the Form 1023 Application for Tax Exempt Status Under Sec 501(c)(3) and its instructions. There are other nonprofit publications there are well. If after reading this you are discouraged, there are some on-line services that will complete the paperwork for you.You will need to decide on a form of organization (e.g., corp, association, etc.) and file the necessary paperwork with your states Secretary of State. There is specific legal language required in these organizational documents. Examples can be found in Form 1023 instructions.The IRS will require a detailed description of how this nonprofit will operate. You should include any personal expertise and experiences, support expectations, current need for such organization, etc. This goes toward establishing the legitimacy and sincerity of such an operation.Financial projection - the IRS will require five years going forward. What they are trying to determine is your sources of revenue and destination of monies paid. They want to prevent scams from attaining nonprofit status.State Authorities will generally piggyback onto the IRS ruling. If you gain approval there, the state authorities will generally follow.Good luck and happy holidays.
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