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Home | Business Formations | Non-Profits |
Non-Profits
It's important to note that simply forming a non-profit corporation does not automatically qualify you for federal and state tax exemption. However, only an officially recognized non-profit corporation can apply for federal and state tax exemption. This application is often referred to as the 501(c)(3) application since that is the IRS code section most commonly applicable to non-profits. In fact, there are more than 20 code sections for non-profit qualification. Another common one is 501(c)(7), which applies to social and recreational clubs. |
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