Idaho 501c3 Corporations: Tax Exempt Organizations Non Profit

Idaho Tax Exempt Organizations Non Profit

Tax Exempt Organizations - non profit are essential to the economic health of Idaho and the number of non profit corporations is growing rapidly within the state. To be apart of this vibrant non profit sector, you will need to satisfy the requirement that govern the Idaho Non Profit Corporation Act.

501c3 Corporations: Form a Non Profit Organization in Idaho

The first step to forming a non profit organization in Idaho [similar to 501c3 Corporations] is to register with the Secretary of State, prepare articles of incorporation and submit it along with the initial filing fee to the Idaho Secretary of State. The articles of incorporation must include certain information such as the specific language of the IRS, the corporate name, the name and address of the initial incorporator and the name and address of the registered agent.

The corporation must also hold its first organizational meeting to determine its mission and purpose as well as choose a board of directors and draft the corporation's bylaws that will guide the day-to-day operations of the charitable organization. Other formation procedures to setting up your non profit entity will require applying for a Taxpayer ID Number (EIN) and apply for Recognition of Tax-Exempt (Publication 556) from the IRS.

Advantages of the Non Profit Tax Exempt Status

Non profits that obtain the tax-exempt status (IRS Publication 557) enjoy many benefits and privileges including:

• Personal protection and limited liability for members and/or directors
• Tax Advantages like exemption from paying federal and state income taxes
• Applying for special mailing rates
• Possible tax deductions for contributors
• Continued Existence

For more information

• Non profit overview
• Is a 501c3 right for you?