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501c3 Nonprofit Corporation

501c3 by winond

A 501(c)(3) nonprofit corporation is a popular way to incorporate a not for profit business for entities whose business purpose is for religious, charitable, educational, literary, scientific purposes, or a combination thereof.

So long as your 501c3 nonprofit corporation is organized for one of those reasons set forth above and you meet other IRS requirements your entity will be eligible for federal and state tax exemptions. Once your 501c3 receives tax exempt status from the IRS you will be able to accept donations from individuals and other companies who will be able to write-off those donations.

 

Image courtesy of winond / FreeDigitalPhotos.net