Maryland 501c3 Corporations: Tax Exempt Organizations Non Profit
Maryland Non Profit 501c3 Corporations
The significant contribution non profits like 501c3 Corporations have made to Maryland's economy have led the state to implement various related business measures aimed at attracting non profits to incorporate within the state. These tax and financial incentives range from continuous existence of the corporation to personal protection of assets for each member of the corporation.
Forming a Non Profit Organization in Maryland
Forming a non profit organization in Maryland will require preparing and submitting articles of incorporation to the Maryland State Department of Assessments and Taxation and paying an initial filing fee of $100. The articles of information must include the specific language of the IRS in order to obtain the tax-exempt status. Other specific information to be included in this document includes:
- The approved name of the corporation which must be unique from any other Maryland registered business name or reserved on file. The name must also end with the term “Corporation”, “Incorporation”, “Limited” or its abbreviation
- Organization’s purpose
- The name, address and verified signature of the initial incorporator
- The name and street address of the registered agent
- State if the organization will have directors
The non profit corporation must also determine the type of structure it wants such as "public benefit" or "mutual benefit" corporation. Public benefit or Non Profit Corporations are tax-exempt and subject to many tax advantages once approved by the IRS. The corporation must also register with the State Tax Commission if it plans to enter into leases, retail merchandise or hire employees.
