Minnesota 501c3 Corporations: Tax Exempt Organizations Non Profit

Minnesota Tax Exempt Organizations: Non Profit Incorporation

Incorporating your non profit corporation in Minnesota is the first important legal step to safeguarding your personal assets and members of the corporation from being liable for business debts and other obligations. Obtaining the tax-exempt status in Minnesota will also provide potential incentives for donors of the corporation and exemption from paying federal and state income taxes.

Forming a Minnesota 501c3 Corporation

Forming a non profit organization like a 501c3 Corporation in Minnesota after deciding on the purpose and mission will require undertaking several procedures including:

• Recruiting board members (at least 3)
• Choosing a name distinguishable from any other Minnesota registered business name on file and must contain the term “Corporation”, “Incorporation”, “Limited” or its abbreviation
• Recruiting and/or appointing board members
• Prepare articles of incorporation including the corporate name, its intended purpose, registered office and name/address of the registered agent, name address and verified signatures of each board members and the number of shares the corporation is authorized to issue
• File articles of incorporation with the Secretary of State and pay an initial filing fee of $70

Other formation procedures include writing the bylaws and policies on which the corporation will abide by, hold first initial meeting of the board of directors and apply for the Federal Tax ID Number (EIN) as well as the 501(c) (3) tax-exempt status. It is also required to publish a notice of intent to incorporate in the local newspaper and circulate the required number of times.

For more information

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