n Archives - IncNow https://www.incnow.com/glossary/ Delaware LLC Incorporation Services Wed, 31 May 2023 16:01:39 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 Non-Profit Corporation https://www.incnow.com/glossary/non-profit-corporation/ Sat, 19 Oct 2013 01:47:27 +0000 http://www.incnow.com/?post_type=glossary&p=893 Created with the filing of a Certificate of Incorporation with the Secretary of State, it contains provisions that provide for it to be a non-stock non-profit corporation conducted by a Board of Directors for a charitable purpose. Three articles required by the IRS are added to the Certificate of Incorporation to allow the assets of […]

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]]> Created with the filing of a Certificate of Incorporation with the Secretary of State, it contains provisions that provide for it to be a non-stock non-profit corporation conducted by a Board of Directors for a charitable purpose. Three articles required by the IRS are added to the Certificate of Incorporation to allow the assets of the corporation to be used for a similar purpose if the business is terminated. After the Certificate of Incorporation is filed, the Incorporator signs the Initial Minutes of the Meeting of Incorporator appointing the initial directors and adopting the Bylaws. While it is possible to only have one director, it is recommended to have at least three named, because that is the minimum number the IRS requires to request a tax determination letter. Within eighteen months of incorporating, the non-profit corporation should submit a Form 1023 application for tax exemption.

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