What to know before starting a Non-Profit/501(c)(3) Organization – The Five key lifecycle of a 501(c)(3) Organizations
Being a tax-exempt organization is not a static thing. It’s a process with a lifecycle, benefits and responsibilities. There are steps to follow in applying for tax-exempt status. There are resources on the IRS website, however you may employ the services of a professional to kick-start, structure and manage your organization to stay compliant.
To qualify for exemption under section 501(c)(3), an organization must be organized exclusively for purposes described in that section. This means, among other things, that the organization’s organizing documents must contain certain provisions.