N is for Non Profit

For our ABC’s of MyCorp this week, we’re focusing on N for Non Profit which is also referred to as an NPO for non profit organizations. As stated on businessdictionary,com, non profits are generally charities, associations, and other organizations formed to further cultural, educational, religious, professional or public service objectives.

Before forming and looking into funding a non profit organization of your own, certain considerations need to be put into place to ensure that the formation is detailed and clear in the societal issue it is working on addressing. You can find out more information about the following eight points at our MyCorp “Forming an NPO” learning center!

1. Figuring out a fundraising plan and annual budget.

2. Incorporating your NPO.

3. Choosing a business name and checking its availability.

4. Preparing and filing the articles of incorporation.

5. Creating bylaws.

6. Holding an organizational meeting.

7. Getting an EIN (Employer Identification Number)

8. Applying for tax exemptions.

But don’t let the length of this list scare you off from taking the time to additionally form a corporation for your non profit! By forming a corporation for your non profit, not only do you will your business be protected and formalized, your personal assets will also be protected with liability protection and you will have established a structure where investors can invest in the business. Best of all, you’ll be providing a public service and meeting a need to benefit others and make a great change in their lives!

About Deborah Sweeney

is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best.