Most dental practices are unaware of the many, and often unthought of, items that need to be continually addressed for maintenance of the dental entity.
Read moreNonprofit organizations help their community, whether it is locally, nationally, or globally. As such, nonprofit organizations typically have an educational, scientific, religious, or charitable purpose.
Nonprofit organizations help their community, whether it is locally, nationally, or globally. As such, nonprofit organizations typically have an educational, scientific, religious, or charitable purpose. They are given tax advantages because they provide valuable services and assistance to people.
Often, nonprofit associations are called 501(c)(3) organizations because the Internal Revenue Service (IRS) designates tax-exempt status for charitable organizations under this section of the tax code. Additionally, nonprofit organizations are incorporated under state laws to establish legal protections for the leaders of the nonprofit which separate their personal assets from the assets of the company.
While for-profit corporations are often formed in states where they are not primarily located to take advantage of beneficial state laws and tax codes, this is generally not a concern for nonprofit corporations due to IRS requirements for tax-exempt status.
A nonprofit should incorporate in its home state to save money and resources, especially if they only plan to operate in that state. Nonprofits must register, file annual reports, and pay fees in every state in which they operate.
Nonprofit organizations are not required to apply for tax-exempt status. However, nonprofits who do not apply for 501(c)(3) status cannot get grant funding, and any money flowing into the organization is taxed. Additionally, the nonprofit might miss out on donations to help with their cause because donors cannot deduct gifts to the organization from their taxes.
We look forward to discussing starting your nonprofit with you! Let us know how we can help you help others!
Most dental practices are unaware of the many, and often unthought of, items that need to be continually addressed for maintenance of the dental entity.
Read moreThe sale of a business is referred to as “taking one’s chips off of the table” because, the completion of the sale transaction, if carried off properly, pays the seller out and ends his or her risk in connection with the company.
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