What is a Nonprofit Corporation

What is a Nonprofit Corporation - 501c3 Status

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🏢 We recommend Northwest to help form your nonprofit for just $29 + the state filing fee:
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A nonprofit corporation can be a great way to help groups of people or organizations that may otherwise may be struggling. The term nonprofit gets thrown around a lot, but what exactly is a nonprofit and how do they work? In this video we will go over what a nonprofit organization is and how they differ from other business structures.
🎗 For our detailed guide on how to form a nonprofit in all 50 states, go to:
nonprofitquest.com
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What is a Nonprofit Corporation:
0:00 Intro
0:26 The purpose of a nonprofit
1:15 bylaws
1:35 Directors and Officers
2:24 Tax Exempt
2:50 Misconception One - Nonprofits are only run by volunteers
3:19 Misconception Two - Nonprofits may not make a profit
3:53 Do you need to form a nonprofit?
5:21 Summary
🤷‍♂️ Need more information on what a nonprofit is? Read our What is a 501(c)(3) Nonprofit guide:
nonprofitquest.com/what-is-a-...
📜 Bylaw guides and templates:
nonprofitquest.com/how-to-wri...
🎫 Learn more about How to Name a Nonprofit, both to make it a memorable brand name and to keep it compliant with your state's naming guidelines:
nonprofitquest.com/how-to-nam...
🌐 After this, make sure the website URL you want is available, and use our link to get a discount on it from Godaddy:
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💸 How to apply for 501(c)(3) Tax Exemptions:
nonprofitquest.com
Other Useful Nonprofit Resources:
🗂 What Records Do You Need to Keep as a 501(c)(3) Nonprofit:
nonprofitquest.com
🏛 What is an EIN?
howtostartanllc.com/what-is-a...
💼 Business Name Search:
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🔥 At TRUiC we are dedicated to providing the most useful information for small business owners, and would love to see your feedback in the comments on what other information you need to help follow your entrepreneurial dreams.

Пікірлер: 48

@HowtostartanllcOfficial 2 ай бұрын

🏢 We recommend Northwest to help form your nonprofit for just $29 + the state filing fee: go.truic.com/46Sb740 (paid) Check out our free step by step guide: startupsavant.com/how-to-form-a-nonprofit

@f.massaquoi9841 2 жыл бұрын

Thank you so much for this, and for the well wishes 🙂

@HowtostartanllcOfficial 2 жыл бұрын

Good luck and thanks for watching! Let us know if you have any questions.

@ferminhernandez8962 2 жыл бұрын

thank this video help all lot

@SMD24 3 ай бұрын

New and came from school, I guess when it comes to non-profit I guess there are benefits and disadvantages at the same time. Just interestingly how non-profit can associate with schools, radio, printing companies, media, and many more workplaces from learning in college school

@HowtostartanllcOfficial 3 ай бұрын

Yes, it is interesting, isn't it! Thanks for sharing!

@pearlfobi4673 Жыл бұрын

Thanks for this. Very insightful I just got 501(c)(3) approved by the IRS. My 3 questions are; - Given that I am tax exempt, how do I report my taxes? - Will employees be given a W2 or Form 1099? - When requesting sponsorship what forms do I need to provide to my donors for evidence of tax write offs?

@HowtostartanllcOfficial Жыл бұрын

(1) Learn more about nonprofit tax filing in our guide (this guide is for New York but the federal tax information will be the same regardless of the state): howtostartanllc.truic.dev/start-a-501c3-nonprofit/new-york-nonprofit-compliance#2 (2) Business owners use a W-2 for employees; use 1099-MISC for contractors. (3) Nonprofits provide sponsors with a copy of an Acknowledgment Letter. Learn more in our guide: startupsavant.com/start-a-501c3-nonprofit/donor-acknowledgement-letter.

@apelagicsurvivalshorts 3 жыл бұрын

Love From India....

@abdulrazzakabdulhai9808 2 жыл бұрын

I have non profit organization, as charity to help refugees in eastren Africa, have 501c3. My question is can donations accepted from other countries such Europe and the Middle East countries. Send their help to our office in the USA. WHAT LEGl issues should I be concerned about. Thanks

@HowtostartanllcOfficial 2 жыл бұрын

Wow, that sounds like a meaningful nonprofit! An organization with 501(c)(3) status CAN accept contributions from donors based in foreign countries, so don't let that hold you back from your fundraising! Generally, there are no limitations to a charity operating internationally. Any activity it can legally perform in the U.S. may be performed in another country. That includes raising funds!

@mihindv939 Жыл бұрын

Can a non-US citizen be an initial director for a US nonprofit in New York state and still get tax-exempt status?

@HowtostartanllcOfficial Жыл бұрын

First, a nonprofit may have tax-exempt status but that status does not apply to directors. Indeed, a nonprofit and its initial director are two separate legal entities with entirely different tax obligations. Second, a non-US citizen can be a director of a non-profit. Read our article howtostartanllc.com/start-a-501c3-nonprofit/what-is-a-501c3 for more information on 501(c)(3) status.

@timeb9300 Жыл бұрын

So that's how donations steal 99 percent of donations

@TheRealBlackula 12 күн бұрын

How? Explain.

@abdulrazzakabdulhai9808 2 жыл бұрын

Can a charity organization receive donations from other countries .

@HowtostartanllcOfficial 2 жыл бұрын

Absolutely! 501(C)(3) organizations, also known as nonprofit or charity organizations, can accept donations from foreign entities. Having said that, the donating parties may be unable to claim a tax deduction unless they are paying US taxes. This is because the US can only deduct taxes it would originally collect, and this is not the case with foreign nationals and/or entities operating outside the US. Whether a donor will be able to claim a tax deduction in their home country will depend on several factors, including the donor's tax status, tax residency, and principal income source. For more information, check out our What is a 501(C)(3) page. We recommend contacting a business attorney or CPA to confirm. howtostartanllc.com/form-an-llc/what-is-a-501-c-3cc

@proverbsgal 11 ай бұрын

So that means the board of directors salaries should not be in the millions, correct??

@HowtostartanllcOfficial 9 ай бұрын

Nonprofit salaries depend on many factors. For example, a nonprofit that wants to have a chance of attracting the best talent will have to pay competitive salaries. So a director’s high pay may be justified if, overall, that individual adds value to the organization.

@romanmoralesqb1 2 ай бұрын

No that doesn’t mean that

@jit3701 Жыл бұрын

entr paper meet your maker

@forever_golfer1981 10 ай бұрын

Do political campaigns count?

@askjeevescosby2928 Жыл бұрын

Now can you change a non profit into a standard buisness down the line?

@HowtostartanllcOfficial Жыл бұрын

It is possible to change a nonprofit into a for-profit business, but doing so means clearing many hurdles. For example, a for-profit business has owners; a nonprofit has none. This poses a problem for the disposition of the nonprofit assets. In any event, state authorities typically have to approve such conversions.

@yamnational9461 2 жыл бұрын

I gave a thumbs down because this was kinda biased. You didn’t mention anything on corporate corruption using non profits to evade taxes. Non profits are very corrupt and many in the higher up corporate work have million dollars salaries. Allowing them to get away with this hurts middle class people like me who have to pay more taxes becuase cooperations don’t pay their fair share.

@HowtostartanllcOfficial 2 жыл бұрын

Thank you for your feedback. Our video is meant for viewers who intend to use a non-profit for lawful, socially acceptable purposes.

@nikkileigh1585 2 жыл бұрын

Id like to see a video or some info on that as well. Intriguing no doubt.

@nikkileigh1585 Жыл бұрын

@Mary Famor's Video Projects i agree. But I also can agree with the other person too because I get the sense from his words that he and I were both looking to find out a bit more especially about non profit corruption. Which is a very valid topic.

@youtubecommentator6023 Жыл бұрын

If you're looking for a video that talks about non-profit corruption then I'd recommend searching for it specifically. This one is called, "What is a Non-Profit". That means it's safe to assume the only info we'd be getting is what a non-profit is. I do not think this video deserves a thumbs down simply because it did not have the info you were looking for as clearly indicated by the title.

@nikkileigh1585 Жыл бұрын

@@youtubecommentator6023 yeah I know what it said. But had they explained more in depth how exactly non profits function I would've been able to get some of the answers I was looking for regarding corruption in non profits.