I would like to start a non for profit business should I start the business and then work on non profit or should I do nonprofit

Asked 7 months ago - Jefferson City, MO

would like to start a non for profit business did not know if I should do my 501 3 C piling first or do the business first and if I link for a 501 3 C how long to pick li does that take

Attorney answers (2)

  1. Steven Parnell Weaver

    Contributor Level 13

    2

    Lawyers agree

    Answered . You can operate the business while your application is pending. If it qualifies, it will be retroactively given non-profit status. Hearing back on your status can take a while depending on the amount of applications that are seeking approval.

  2. John P Corrigan

    Contributor Level 19

    3

    Lawyers agree

    Answered . You can form a nonprofit corporation under state law but you would not be tax exempt until you filed Form 1023 with the IRS which grants exemption from federal income tax. At the state level you would also seek state tax exemption by filing with the state attorney general to get the state exemption as well. The ability to get 501c3 status is not an easy task and you will need the assistance of a not forn profit attorney or possibly CPA to prepare the application.

    My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a... more

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