Differences
This shows you the differences between two versions of the page.
| Both sides previous revisionPrevious revisionNext revision | Previous revision | ||
| groups:structure [2024/04/18 18:08] – [Articles of Incorporation] lizkc | groups:structure [2024/04/26 14:59] (current) – removed lizkc | ||
|---|---|---|---|
| Line 1: | Line 1: | ||
| - | ====== Group Structure ====== | ||
| - | When forming a group, there are some legal implications to consider in terms of how it is structured. Even if you are not applying for 501c3 status immediately, | ||
| - | |||
| - | Once you have registered with the Secretary of State, you can go about applying for an EIN. This allows you to open a business bank account in the name of the group. Once you have an EIN, you can consider applying for 501c3 status. The primary benefits to being a 501c3 is that income is not taxed and that you may apply for grants without needing an external fiscal sponsor. Nonprofit status may also affect your ability to get insurance. the downsides of becoming a 501c3 are additional record keeping and filing requirements. Groups are not required to hold 501c3 status but it is recommended that they incorporate and obtain an EIN to limit personal liability. | ||
| - | |||
| - | Groups in some locations (such as [[https:// | ||
| - | |||
| - | ==== Articles of Incorporation ==== | ||
| - | |||
| - | Articles of incorporation are a legal document required to file with the Secretary of State. They are a public document that create and form the foundation of a corporation, | ||
| - | |||
| - | ===== Bylaws ===== | ||
| - | |||
| - | Bylaws are a legal document required to obtain nonprofit status. These detail the rules, structure and workings of your organization. Bylaws may change over time as your group grows and can be amended by a vote of the board of your group. | ||