Perhaps you want to use your entrepreneurial spirit for charitable causes. In that case, creating a nonprofit could be for you. Your path to creating a nonprofit organization will be similar to establishing your own business in Virginia, but you must apply for tax-exempt status with the IRS.
Here are the following steps you should take to create a nonprofit organization in Virginia:
1. Register as either a nonstock corporation or limited liability company (LLC) with the State Corporation Commission.
2. Apply for a Federal Employer Identification Number (EIN) with the IRS.
3. File IRS Form 1023 to request a 501(c)(3) nonprofit status.
4. Apply for nonprofit status in Virginia with the Virginia Department of Taxation.
5. Register with the Virginia Department of Agriculture and Consumer Services as a charitable organization so you can receive donations.
6. Check for local business zoning or licensing requirements.
The Virginia Department of Business Assistance has links to the required forms at http://www.vdba.virginia.gov/non_profit.shtml.
There are no comments for this entry