Types of Not-For-Profit Entities

There are many different types of charitable organizations, including Civic Leagues, Social Welfare Organizations, Local Associations of Employees, Labor Organizations, Credit Unions, Chambers of Commerce, Real Estate Boards, Social and Recreational Clubs, and more.

Nonprofit Basics

With a nonprofit business structure, the profits of the business are not distributed among the owners and shareholders. Since such organizations are usually created for charitable purposes, the profits are instead spent on the nonprofit’s stated charitable activities.

Such activities can involve educating the public on science or religious topics, preventing cruelty to animals or children, and many other charitable endeavors. Museums, colleges, and day care centers are often non-profits.

Forming a 501(c)(3) Nonprofit Charity

While many other types of non-profit organizations exist, a 501(c)(3) is the most popular charitable organization, and is what most people think of as a “charity”.

Forming a charitable nonprofit in Florida is similar in complexity to setting up a business in the state.

Visit Charity Navigator for a list of key Orlando-based charities, and to review their charitable activities and expenditures.

Obtaining Tax Exempt Status

Not all nonprofits are eligible for tax-exempt status. Those that are eligible must obtain 501(c)(3) status from the IRS, which, among other things, grants tax exemption.

During the application process, the IRS conducts a thorough examination of the organization’s governing structure, purpose and the planned activities in which the charitable organization wishes to engage.

Examine IRS Form 1023 to learn more about what’s required to apply for tax-exempt status

For help setting up a non profit, choosing the right charitable entity, or help with IRS Form 1023, click below to schedule a meeting. We keep all info strictly confidential, and we answer all inquiries in a timely manner.

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Walsh Banks Law is a boutique law firm located in Orlando, Florida. We specialize in business law, real estate law and commercial litigation.