Question 1

What is a 501(c)(3) organization?

Accepted Answer

A 501(c)(3) organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. To qualify, it must be organized and operated exclusively for exempt purposes, and none of its earnings can benefit private individuals. It cannot significantly influence legislation or participate in political campaigns. These organizations, often called charitable organizations, can receive tax-deductible contributions. For more details, visit the IRS website at www.irs.gov.

Question 2

Are there different types of 501(c) organizations?

Accepted Answer

Yes, there are over 30 types of 501(c) nonprofit organizations, each serving different purposes and missions. To find out which type best fits your organization's goals, please contact us for more information.

Question 3

How long does it take to get 501(c)(3) exemption status?

Accepted Answer

The timeline for obtaining 501(c)(3) exemption status depends on the type of filing. The 1023-EZ form can be processed in as little as 4 weeks, while the 1023/1024 forms can take between two to three months. Processing time is ultimately determined by the agent assigned to your application.

Question 4

How much does it cost to form a nonprofit organization?

Accepted Answer

The total cost to form a nonprofit organization, including state and exemption filings, typically does not exceed $2,000. However, costs can vary based on state-specific requirements. Fast501c3, Incorporated will provide an itemized cost list tailored to your needs. Contact us for a consultation to discuss your specific requirements.

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