Wyoming 501c3 Corporations: Tax Exempt Organizations Non Profit
Wyoming 501c3 Corporations
Non profit organizations like 501c3 Corporations are designed for individuals seeking to make a change and inspire or give back to their communities. The primary benefit of incorporating in Wyoming is gaining limited liability protection for directors and members of the organization against any liability the organization may incur.
Forming a Non Profit Organization in Wyoming
When forming a non profit organization in Wyoming, you must understand the level of dedication, financial costs and legal procedures required. Most legal experts recommend hiring a lawyer when preparing the state-specific documents for registration purposes. Some of the formation procedures include:
- Choosing a name
- Selecting a Board of Directors who must convene a meeting to decide on the company bylaws, mandate, budget and mode of operation
- Draft corporate bylaws
- Prepare articles of incorporation by including the specific language of the IRS to obtain the tax-exempt status, approved name and purpose as well as name, address and verified signature of the initial incorporator(s), name and address of the registered agent, name of the directors and/or officers, the corporation's mailing and/or physical address
- File articles of incorporation with the Secretary of State and pay an initial filing fee of $100
- Apply for 501(c) (3)tax-exempt status with the IRS which exempts the organization from taxes on tangible company property or income tax. The business will also be exempt from collection sales tax on what the state of Wyoming terms “occasional sales”.