Forming a nonprofit
Forming a nonprofit alignment can be absolute for bodies who appetite to be their own bang-up and allot their assignment to accommodating causes. A nonprofit is accustomed aloof like a for-profit enterprise, with the added footfall of applying for tax-exempt cachet with the Internal Revenue Service.
In Virginia, nonprofits must:
– Be registered as either a non-stock association or a bound accountability aggregation (LLC).
– Annals with the Virginia Department of Agriculture and Consumer Services for the adeptness to accession funds.
– Obtain a bounded business license, and, if required, annals with the Virginia Department of Taxation.
A nonprofit alignment becomes tax-exempt (allowing individuals and businesses who accord to the alignment to abstract their ability on their federal tax returns) by filing an appliance to become classified as a 501(c)(3) organization.
Necessary forms accommodate IRS Form 8718 and IRS Package 1023. For instructions on bushing out these forms, apprehend IRS advertisement 557, Tax-Exempt Cachet for Your Organization. All IRS forms can be acquired by calling (800) TAX FORM or downloading them from http://www.irs.gov
The Business Advice Center of the VDBA can e-mail you a step-by-step account with alive links to abundant assets and all appropriate forms and instructions. Call (866) 248-8814 to appeal nonprofit instructions or e-mail your appeal to [email protected]
Business One-Stop to be apparent in 2008
Starting a business in Virginia will become easier in aboriginal 2008 back the online “Business One-Stop” is introduced. Entrepreneurs accessing the one-stop armpit will charge to acknowledgment alone a few simple questions to accept abundant advice on the registrations, licenses and permits required.
Debut date of the new “Business One-Stop” will be appear on the Virginia Department of Business Assistance Web site, http://www.vdba.virginia.gov and the Virginia Business
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