In Ohio, forming a 501c3 requires a minimum investment of $275. In order to file Articles of Incorporation, this fee must be paid to the Ohio Secretary of State. The organization must also submit a tax-exempt status application to the IRS, which might cost up to $600.
Legal fees for creating bylaws and other legal documents, accounting fees for setting up an accounting system, and office expenses like rent, utilities, and supplies are additional costs related to starting a 501c3 in Ohio. Starting a 501c3 organization in Ohio can cost anywhere from a few thousand to tens of thousands of dollars.
A non-profit organization in Ohio must have a minimum of three board members. More board members, nevertheless, might be advantageous for some organizations. The organization may benefit from the diversity of knowledge and experience that a larger board can bring, which can help it fulfill its objective.
One individual can manage a 501c3 organization, although it is not recommended. Board members play a crucial role in managing the organization’s operations, ensuring that all policies and procedures are followed, and making choices that are best for the organization and its stakeholders.
An organization must file Articles of Incorporation with the Ohio Secretary of State and get an Employer Identification Number (EIN) from the IRS in order to petition for non-profit status in Ohio. The organization must also finish and submit Form 1023 or Form 1023-EZ to the IRS in order to apply for tax-exempt status.
In conclusion, establishing a 501c3 in Ohio can require a sizable financial commitment but also offer potential for success. Before starting the process, it is crucial to have a thorough awareness of the fees and legal criteria. A non-profit organization can be founded by one individual, but it is recommended to have a board of directors to supervise the group’s operations and guarantee that all legal and ethical requirements are met.