South Carolina 501c3 Corporations: Tax Exempt Organizations Non Profit
South Carolina 501c3 Corporations:
Incorporating your non profit like 501c3 Corporations in South Carolina can bring about many potential benefits once you decide on its purpose and mission and fulfill the relevant statutory requirements. Some of these benefits include having the permission to obtain grants from government agencies and private organizations and being exempt from paying federal and state income taxes. The tax-exempt status also extends to donors of the corporation where they can take a tax-deduction on their contributions.
Forming a Non Profit Organization in South Carolina
Upon receiving approval for the proposed name, the next step to forming a non profit organization in South Carolina requires:
- Appointing a board of directors
- Writing articles of incorporation which must include the name of the corporation, its mission and purpose, name, address and verified signature of each director, the registered office, name and physical address of the registered agent, street address of the corporation and the number of shares the corporation is authorized to issue. The articles of incorporation must state you are forming a Type B organization.
- Filing articles of incorporation with the Secretary of State and paying an initial filing fee of $25
Other formation procedures include holding an initial organizational meeting where the board of directors will decide on a set of corporation bylaws and policies that will govern the corporation. You must also apply for your Federal Tax ID Number which is important for opening a bank account.