The IRS does not require nonprofit corporations to apply for exemption from paying federal income taxes. However, those that want to obtain this exemption must file Form 1023 within 27 months of filing their articles of incorporation. Also, most nonprofits must file the informational tax report, Form 990, annually. More information can be found on t...

A security interest is an interest in property—real estate or otherwise—that secures repayment of a debt or performance of some other obligation. If the party that grants the security interest fails to fulfill its obligation, then the holder of the security interest can normally take possession of the asset in question and sell it in order to recoup...

To form a corporation in Delaware, you must file a document called a certificate of incorporation with the Delaware Department of State. The form is customizable. The certificate of incorporation must include the following information: Name of the corporation Type of entity Street and mailing address of the corporation A statement of corporate purpo...

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A corporation is considered to have separate “legal personality” from the people that own it—the shareholders. This means that a corporation has the ability to enter into and enforce contracts. Additionally, a corporation can also accrue debt and own assets. As a separate legal entity, if any creditors attempt to enforce a debt against a corporation...

Nonprofits in all but 10 states are required to register with the appropriate state division prior to soliciting donations in that state. The states that do not require registration as of 2016 are Delaware, Idaho, Indiana, Iowa, Montana, Nebraska, South Dakota, Texas (except for certain law enforcement, public safety, and veteran causes), Vermont, a...

To form a corporation in Alabama, you must file a document called a certificate of formation with the Alabama Secretary of State. The form is customizable. The certificate of formation must include the following information: Name of the corporation Type of entity Street and mailing address of the registered agent (the corporation does not need to pr...

In short, no. The main function of voting members is to elect the board of directors. In fact, most companies choose not to use voting members at all, instead opting to only use a board of directors, which is elected at the first corporate meeting. These boards are self-perpetuating in that they elect their own replacement members and additional mem...

To form a corporation in Connecticut, you must file a document called a certificate of incorporation with the Connecticut Secretary of State. The form is customizable. The certificate of incorporation must include the following information: Name of the corporation Type of entity Corporate mailing and street address The number of shares*, class, righ...