|Art Clemons on Mon, 14 Jul 2003 14:44:11 -0400|
>Just because you're incorporated as a nonprofit, you are not >necessarily a 501(c)3. This distinction is important because
>you cannot write off donations to nonprofit organizations that
>are not registered as 501(c)3 with the IRS.
I know, but the point was that a non-profit corp can be set up and running in a few days.
>Registering as 501(c)3 can take months or even years.
It can, but the real trick seems to be filling out the forms honestly and properly, and the willingness to comply with the IRS requirements. Might I also point out that just being incorporated has certain liability advantages for PLUG participants if it's ever sued and the rules for being a corporation are followed. That's true even if it never gets 501(c)(3) status is never gotten. One more thing, there are former IRS employees floating around who are willing to offer advice on how to speed up applications, they can't give legal advice or tax advice but do know what works and what doesn't when applying.
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