#126: Non-profit corporation: How can I create/transform my business?
Josh and Amelie continue their discussion about non-profits. Whether you’re starting a new company or transforming an existing business into a non-profit, there are some steps to follow!
Top things to think about:
- The basic steps are to form a corporation and then go through the steps of turning that corporation into a non-profit.
- 501c3 is one option and probably the most likely for most coaches, but there are other options as well.
- There are far stricter rules around naming a corporation.
- Hiring a lawyer to write your bylaws and articles of incorporation will be much faster and efficient–and will probably save you time and money in the long run.
- You’ll need a board of directors and they need to be representative of the “broader community.”
- Then you send things off to the IRS, probably get rejected, fix things, then resubmit.
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