Ryan Vaughn walks through a 50-point checklist for starting a 501(c)(3) nonprofit, covering seven major steps from registering your name to filing for tax-exempt status with the IRS. The IRS application is the most complex stage. You'll need a lawyer and accountant to get it right.
1, 2, 3. We have a checklist that you can download that goes over the 7 steps and 50 sub-points of how you actually set up a nonprofit. So feel free to download that, use it at your heart's content. If you believe in a cause, it can be a really nice, great way for you to feel like not only are you making money in your business and being profitable, but you're also contributing to something that you believe deeply in. How do you actually set up the nonprofit? Here are the 7 steps. Again, you can download the checklist that we have so you can have these on file. There's also 50 sub-points that I'm not going to read to you, but I will share with you the 7 steps really quickly. And I don't have them memorized, so I am reading them. So I, you know, it is what it is. Register your nonprofit organization's name, appoint a board of directors, create the bylaws, file your articles of incorporation, obtain an EIN for your business, apply for tax-exempt status with the IRS. That is the hardest part. It's the most lengthy, it's the most pages. It's actually crazy how many pages you fill out. Just to get one page back from the IRS saying, hey, we approve you as a nonprofit. And then step 7, step 7 is ongoing compliance. Make sure you're filing the nonprofit return on time, make sure you're utilizing the funds based on the rules and boundaries set by IRS tax code to keep it exempt. And there you go, those are the 7 steps. Again, there's 50 sub-points throughout those 7 steps, so download the checklist, and it's always helpful, especially in something like this, consult with an attorney and an accountant so that you do this the right way, because there's a specific way that that tax-exempt request form needs to be filled out. Please remember to like, subscribe, comment, share, We really want to get this information out to as many people as possible. We want people to realize that they have options. They don't have to just pay the IRS government more than what they legally need to. So let's— the goal of us is to just stick it to the IRS because they're not your friends. They sent me a postcard letting me know that they, they don't like you or me.
