Kentucky 501c3 Corporations: Tax Exempt Organizations Non Profit
Kentucky Non Profit Incorporation
Kentucky offers individuals three ways to establish a non profit organization. These are un-incorporated, incorporated and limited liability. The choice of company status you choose follows the dictates of the organizations aspirations and goals.
The KRS Chapter 273 Non-Stock, Non Profit Corporation Act governs all non-profit organizations formed within the state of Kentucky. This provides the categories and purposes for the creation of non profit organization, their general powers and requirements for formation.
Forming a Non Profit Organization in Kentucky
The process of forming a non profit organization involves a few simple steps. The state provides guidelines from various media outlets such as brochures and websites in order to guide applicants through the process. The process involves:
- Choosing a unique name for the organization
- Filing the articles of incorporation which involves completing various forms requesting information such as the name and address of the organization and its directors along with the purpose of the organization.
- Filing for an Employer Identification Number (EIN). This enables them to employ workers and conduct other business-related procedures such as opening a bank account.
- Once cleared for the non profit tax-exempt status, you can apply to the IRS for 501(c) (3) tax exemption status.