Creating your non-profit corporation in Florida is the first step. The Florida Department of State must be contacted in order to file Articles of Incorporation. You must decide on a name for your business, designate a registered agent, and include particular language in your articles of incorporation to comply with IRS regulations. You must request an Employer Identification Number (EIN) from the IRS after forming your corporation.
The next step is to complete and submit Form 1023 or Form 1023-EZ to the IRS. Your organization’s size and complexity will determine the form you use. For non-profits with annual income exceeding $50,000 or assets over $250,000, the typical form is Form 1023. For smaller companies with annual income under $50,000 and assets under $250,000, Form 1023-EZ is a simplified form.
A non-profit in Florida must pay $275 for Form 1023 or $50 for Form 1023-EZ in addition to the $70 filing fee for the articles of incorporation. For services like expedited processing or others, there can be extra costs.
A 501(c)(3) organization can, in fact, be led by one person, but it’s crucial to have a board of directors that oversees operations and participates in key decision-making. A single-person-operated non-profit may also be subject to IRS scrutiny to make sure it is adhering to non-profit laws.
In conclusion, creating a non-profit corporation, obtaining an EIN, and submitting Form 1023 or 1023-EZ with the IRS are required in order to create a 501c3 in Florida. With expenses ranging from $70 to $275, registering a non-profit in Florida is rather affordable. A 501c3 can be administered by one person, but it’s crucial to have a board of directors to offer supervision and guarantee adherence to non-profit requirements.