Is it complicated and expensive to form a foundation in Florida?

Asked 12 months ago - Miami, FL

Company formation.

Attorney answers (3)

  1. Mark Robert Mohler

    Contributor Level 11

    6

    Lawyers agree

    Answered . I am assuming by "foundation" you are referring to a tax exempt entity such as a private foundation or a public charity. It is not particularly complicated to form an entity to achieve this goal. You would need to form a not-for-profit corporation under state law and you would need to apply for tax exempt recognition from the IRS. The first step is very quick, the second is fairly lengthy (more than six months). However, you need not wait on recognition from the IRS before beginning operations. There are some risks by doing so. The IRS has plenty of helpful publications such as the one I have attached by link. This might make the process less overwhelming.

  2. Omar Carmona-Sanchez

    Pro

    Contributor Level 12

    4

    Lawyers agree

    Answered . Do yourself a huge favor and meet with a corporate attorney and with a tax advisor before you do any work or take any money.

    This is a general response to a general inquiry and is not intended to for any type of relationship, including but... more
  3. Kevin Michael Burke

    Contributor Level 10

    1

    Lawyer agrees

    Answered . You may want to look at the following website:

    http://foundationcenter.org/gainknowledge/map/f...

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