What are Nonprofits and Why Obtain Tax Exempt Status
¨ There are several types of nonprofit organizations and the most preferred and common is 501(c)(3) tax-exempt status with the IRS.
¨ 501(c)(3)s must be organized for charitable, religious, educational, scientific, grassroots organizations and to promote amateur sports competition or to prevent cruelty to children or animals. Nonprofits typically form nonprofit corporations to provide limited liability for the people involved in the organization.
¨ T.S. Wrobel & Associates has years of experience in forming nonprofit corporations throughout the United States and Washington, D.C.