How to Start a Nonprofit Organization in 2023 (Step-by-step)
How to start a nonprofit organization in 2023 - otherwise known as a 501(c)(3) organization. So a nonprofit organization is a business entity in which your goal is not to be profitable but to make money to expand on a social clause.
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But we can’t ignore that it has some incredible tax benefits for its members and managers. For example, 501(c)(3) organizations are completely tax-exempt which allows them to use more money towards their desired social causes.
So you win in both ways, you save on taxes and you support your favorite social cause. So in this video, I’m going to show you exactly how to start a nonprofit organization in 2021… step-by-step.
Video Outline on How to Start a Nonprofit:
What is a nonprofit? (0:00)
Benefits of a nonprofit organization (1:50)
Step #1 - 6 BIG questions (4:15)
Step #2 - Choosing a Name (7:13)
Step #3 - Get Incorporated (8:59)
Step #4 - Federal Tax-Exempt Status (12:27)
Step #5 - State Fillings, Compliance, and Reporting (15:16)
BONUS Tip (17:55)
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Hey, I’m Sean with LYFE Accounting. The accounting company that helps people save on taxes and build more wealth. If you enjoyed the video please help me out by giving this a like and subscribe to our channel for more videos.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
