Legal Question in Business Law in New York

I was asked by a prominent individual in the community to help him start a non-profit organization. I am hoping to get some direction on how to start up and how to obtain the 501 (c) (3) tax exempt status and any other useful information. It will be greatly appreciated. Thanks!


Asked on 1/15/11, 7:15 pm

2 Answers from Attorneys
Locksley Wade Law Office of Locksley O. Wade

It all depends on the form of business entity and a tax exempt status sought from the IRS.

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Answered on 1/21/11, 7:44 am
Michael Markowitz Michael A. Markowitz, PC

A very long answer to a very short question. However, some quick information that I give to many of my clients.

1. Just because you are a not-for-profit corporation does not mean that you are automatically entitled to a 501(c)(3) tax exemption. Corporations are formed under NY State law. Tax identification is through the IRS.

2. For information for not-for-profit corporations, see:

http://www.ag.ny.gov/bureaus/charities2/pdfs/how_to_incorporate.pdf.

3. For information to apply for a 501(c)(3) designation, see:

http://www.irs.gov/charities/article/0,,id=96109,00.html

Good luck.

Mike.

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Answered on 1/21/11, 8:03 am


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