Legal Question in Business Law in Indiana
How do I change from a for profit small business to a not for profit small buisness?
2 Answers from Attorneys
The process of starting a nonprofit organization generally involves:
1. drafting bylaws which sets forth the structure of the organization and creates a governing board with final authority for the organization,
2. incorporating as a nonprofit corporation in the state of choice,
3. obtaining tax-exempt status from the IRS and the state in which the organization is based, and
4. completing additional documents relating to state compliance, annual reporting requirements, newly instituted IRS compliance policies, and sound corporate recordkeeping practices.
Check out the Indiana Secretary of State website for additional information.
This is a rathher complex process. I suggest that you contact a local attorney to assist you.
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