NONPROFIT FILING FORT LAUDERDALE
Let Opulent Marketing & Consulting Be Your Non Profit Filing Fort Lauderdale Company
NONPROFIT FILING FORT LAUDERDALE
Opulent Marketing & Consulting is the top nonprofit filing Fort Lauderdale, FL company in Broward county. Let’s face it, it’s not a walk in the park to form a nonprofit organization. Several pages and forms need to be filled out and a great deal of information and a great deal of info is required by the IRS.
When you’re starting a nonprofit in Florida, it’s crucial to conduct some research. If you look online, you will find that the state requires charities that solicit any contributions to go through the process by registering with the Division of Consumer Services. Here is some information regarding nonprofit filing in Fort Lauderdale:
forming a fort lauderdale nonprofit
There’s various aspects to consider when launching a nonprofit, especially if you are planning to start a 501(c) (3) organization
things you will need to send to irs
BY-LAWS & OPERATION AGREEMENT
Typically you can find a template online that will create you a standard operational agreement and bylaws. We would recommend letting a professional create these documents.
The program description that the IRS requires should contain a general description of you company, a projected program budget, and a methodology.
Filing fee to become a non profit organization varies depending on the type of non profit organization you are setting up. See www.irs.gov for more info.
Create a Mission Statement
Whenever you start any new entity such as a nonprofit organization, it’s necessary to create a mission statement. While you can begin with a broader view, you would then have to whittle it down to specifics. Even if you find that some thoughts are repetitive, don’t be too concerned as it ensures you haven’t overlooked any of the critical details.
501(c)(3) and Various Nonprofits
Florida recognizes different types of nonprofits, such as religious, educations, charitable, veterans, and scientific organizations. None of these will automatically qualify for the specific tax exemptions at the federal or state level. But 501(c) (3) corporations are exempt from federal tax. To be eligible for this, you would need to file Form 1023 with the IRA- This is an Application for Recognition of Exemption.
Property or assets will belong to the corporation. In case any creditor claims or lawsuits arise, only those assets would be vulnerable. The property that belongs to the managers, officers, or trustees will not be impacted in any way. Forming a nonprofit creates a legal entity and a distinct wall of protection between the entity and the members.
Some Fort Lauderdale nonprofits will qualify for exempt status regarding their property and other taxes and corporate income.
The planning process involves considerable effort and time. If independence, control, and autonomy in corporate governance are vital for you, then a nonprofit status wouldn’t be the right option.
Mandatory Forms and Requirements For Nonprofit Filing Fort Lauderdale
- Choose a name and find out whether it’s available.
- Appoint or recruit your directors. You need to have a minimum of three directors that are 18 years or older.
- The next step is to Incorporate.
- File all the Articles of Incorporation with the Florida Secretary of State’s Division of Corporations.
- You would then need to designate a registered agent.
- One year after incorporation, you would need to file an annual report with this Division.
Create bylaws for non profit filing fort lauderdale
- Conduct an organizational meeting.
- Create detailed corporate records in your records book.
- Obtain your employer identification number.
- Register first with the IRS as well the state of Florida once you hire employees.
- Apply with the Division of Consumer Services in Florida, if you’re soliciting any contributions from the general public.
- File with the State’s Department of Revenue to handle all business taxes.
- Apply to the Florida Department of Revenue and the IRS for tax-exempt status.
Retaining Your Nonprofit Status
Once you have gone through the nonprofit filing in Fort Lauderdale process, and have achieved this goal, there are some other steps you would need to take to retain and safeguard that status.
- File the Articles of Incorporation with the Secretary of State Division of Corporations in Florida.
- Fill out annual report within a year of incorporation of your nonprofit. After that, you would have to file it again from Jan 1 – May 1 of every subsequent year. After May 1, you would have to pay specific late fees.
- Tax-Exemption and Other Benefits
Acquiring And Maintaining Tax-Exempt Status Needs These Steps:
- A Fort Lauderdale nonprofit must file Form 1023, with the IRS – this is an Application for Recognition of Exemption, obtain your status as a 501(c)(3) corporation.
- To get state income-tax exemption, you would need to submit a copy of the 501(c)(3) application to the State’s Department of Revenue.
- The IRS will have given you a determination letter, and you would also have to submit a copy of that to the Department of Revenue.
- File Form 1120, with the Department of Revenue. This is the Florida Corporate Income/Franchise and Emergency Excise Tax Return form.
- For the exemption of sales tax in Florida, file an Application for a Consumer’s Certificate of Exemption- Form DR5, with the Department of Revenue.
Costs for Nonprofit Filing Fort Lauderdale
Florida charges a filing fee of $87.50 for all nonprofit Articles of Incorporation. After your non profit is incorporated, all your forms are completely and ready to send off, you will have to enclose a check for $600 to the United States Treasury. Consulting fees apply when Opulent Marketing files your nonprofit organization.
As you can see, there are many steps you need to follow during nonprofit filing in Fort Lauderdale. This process of becoming a tax-exempt organization can prove to be quite challenging and confusing if you attempt to go about it on your own. Consider letting Opulent Marketing file your nonprofit. We are economical and we have years of experience.
For any more information regarding nonprofit filing in Fort Lauderdale, the requirements, paperwork you’d need to file, and more, feel free to contact Opulent Marketing & Consulting at 305-527-9776.
DO YOU NEED TO FILE TAXES FOR YOUR 501C3 NON PROFIT ORGANIZATION?
All Pembroke Pines 501c3 non profit organizations need to file taxes every year. Taxes should be filed between January 1st – May 15th each year. Not filing your can result in you losing your tax exempt status, fines, and in some cases criminal charges. Filing taxes for your non profit is a very difficult process. If you need help filing taxes for your non profit. Opulent Marketing & Consulting can help you file error free. We can over 13 years of experiences in consulting non-profits. Contact us today for more details.