Legal Question in Business Law in New Mexico
Difference among non-profit organizations
I have read that to be tax-exempt, a non-profit organization must be either a corporation, a community chest, a fund, or a foundation, and that a charitable trust is a fund or foundation. I am planning to start a non-profit organization, so I need to know what the basic differences are among corporations, community chests, funds, and foundations. I can't get started until I know how to choose. Thank you!
1 Answer from Attorneys
Re: Difference among non-profit organizations
I don't know what you mean by "tax exempt," but if you mean a non-profit contributions to which are tax deductible, whatever business form you choose must qualify with the IRS. The corporate form is usually used, and requires a 501(c)(3) qualification with the IRS.
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