Nonprofit FAQs
Shares of stock represent ownership of the corporation. Where no shares are issued, no individual owns the corporation. Thus, shares must be issued to those…
Bylaws should be very comprehensive; boards are governed by fiduciary duties and so these obligations should be clearly maintained in the bylaws.
Firstly, most people forming a private foundation will prefer to form a 501(c)(3) public charity mainly because the benefits are greater. Specifically, the main difference…
The term "donor-advised fund" is not defined in any statutes; however, the donor-advised fund (DAF) is an increasingly popular vehicle of charitable giving that has…
A 501(c)(3) public charity is an organization which has: been organized under state law, which is operated in furtherance of a 501(c)(3) purpose (i.e. Charitable,…
When we refer to “other types of tax exempt organizations” we are referring to certain organizations, such as business leagues, trade groups, social clubs and…
Basic titles include: President, Secretary and Treasurer. The aforementioned titles comprise the minimal amount of officers that is generally acceptable to serve in a fiduciary…
Yes, and even more so if you have never done it before. CNPC was formed to help people navigate the maze of confusion in preparing…
Three (3), unrelated by blood or marriage. Keep in mind that officers may be compensated pursuant to applicable law. However, in no event may compensation…
Generally, the initial Directors should be the founders and/ or persons who are going to be overseeing the operation of the entity. In most states,…
Unless you choose to expedite, it takes approximately 4 weeks to incorporate. Additionally, the IRS takes approximately 6-9 months to be examine and approve a…
Every two years you should review for internal consistencies and, consistencies with any changes in law.