According to the NCCS, there are over 1.5 million nonprofit organizations in the United States. And that’s because so many of us today care about making a change in the world, and that’s what a nonprofit entity is designed for. By launching a nonprofit, you form an organization that’s meant for something more than just profit.
Before you get started, you should know the details about forming a nonprofit organization:
- You still get liability protection. As a director of officer, you’re NOT personally responsible for debts and liabilities – just like an LLC / C Corp.You get access to grants.
- There are thousands of grants available for small businesses as well as nonprofits (public and private), which would provide easy operating capital.
- You can apply for tax-exempt status. As a nonprofit, you can apply for both federal and state tax-exempt status, which would lift that massive financial burden.
- You could become 501 (c)(3). A popular entity type, 501 (c)(3) nonprofits can take tax-deductible donations from individuals.
- While nonprofits are incredible entities, there is a LOT of paperwork to be filed, and plenty of formalities. Before starting, make sure to ask yourself: what is your cause? What are you going to do? Who is going to staff the nonprofit? There’s a lot that goes into it. But at Corporate Capital, we want to learn about the cause you care about, and help you start your nonprofit.
Call us today at 855.316.4425 for a FREE consultation to see if you’re ready to start a nonprofit organization.