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Wyoming Non-Profit Companies

Form a Wyoming Corporation

Filling a Need

Forming a non-profit company is a completely different process than incorporating a C-Corp. There are many factors one needs to consider before deciding on doing so.

  • The demand for charitable donations is very high. In the current funding landscape, competition is exceptionally fierce. Therefore, it is crucial to ensure that your non-profit organization stands out and can genuinely assert its uniqueness to capture greater attention.
  • Will your business meet a critical need in the community thus deserving monetary contributions by those who support your community? Putting together a group of investors takes a lot of time and effort, and, therefore, you must be extremely good at selling your concept and your viability.
  • Obtaining funding for nonprofits is a challenge. You must be able to write a sound and professional proposal to be considered for funding. Using electronic media and technology available to you might make this easier for you.
  • It's important to recognize that many donors dedicate a substantial amount of time to thoroughly assess all the competing funding proposals. Consequently, it's advisable not to anticipate responses earlier than 6 to 18 months from the submission date in certain instances.
  • Direct mail and email solicitation can be used, but it will take time to build up a decent group of donors using this method. Response rates to these are slow, and you should expect a 1 to 2% response from any mailing you send out as most people will just throw it out as spam.
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Incorporating & 501 (c)(3) Designation

When you have done your research and you have seen that your idea is feasible, provides a critical need and that you will be successful in obtaining funding, you can then begin the process of forming an independent 501(c)(3) company. This organizational structure will qualify your business for tax exemption status from federal taxes and will allow donors to make their contribution tax deductible as well.

You will then register in the state that you plan to do business in, but you also need to apply to the IRS separately as simply registering in the state will not qualify you for tax exemption. There are numerous forms and documents that you will need to complete and the fees for the IRS will depend on the size of your venture. In addition, it could take anything from 3 to 6 months to receive your tax-exempt status. Call your local IRS office to determine how you should go about getting your application packet.

Bottom Line

Given the numerous complexities and intricacies associated with the process, it's advisable to get in touch with a specialized attorney who deals with nonprofit incorporation and taxation. Costs may vary, so it's a good idea to explore different options and seek references. Additionally, you can economize by handling some of the tasks yourself and having the attorney review your work. There are also numerous online resources dedicated to this topic, so conducting a simple online search using the term "nonprofit organization" can provide you with a wealth of valuable information.