Legal Question in Business Law in Illinois

How to become a not-for-profit org. to get R&D done

I'm pending on I believe to be the greatest concept ever invented for diabetes management. I need

to find out how can I become a non-profit org. in order to get the R&D and my patent rights protected.

I've filed an PCT, international patent app. If you

can help me in any way,


Asked on 1/01/00, 8:18 pm

1 Answer from Attorneys
Patrick Tracy Patrick J. Tracy, Esq, P.E.,

Re: How to become a not-for-profit org. to get R&D done

You have filed for patent protection under the paris convention. I will assume you are in the first stage of 18 months. It is not necessary to be a non profit corporation to have your patent rights protected. There are a number of drawbacks to forming a 501(c) corporation and it may not be the best choice for your situation. If you so choose to proceed with the non profit status, first you must file as a corporation with the state of Illinois and once that is accomplished, you can file for tax exempt status with the IRS. After you are incorporated in the state of Illinois it probably will take you in excess of 6 months to have your initial determination letter from the IRS.

Do your homework before you decide on this status it may not be the best for you.

Good Luck!!!!!

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Answered on 1/03/00, 4:36 pm


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