Maine 501c3 Corporations: Tax Exempt Organizations Non Profit
501c3 Corporations: Tax Exempt
Incorporating your non profit organization like a 501c3 Corporations would be tax exempt in Maine can generate many potential tax and financial advantages in addition to creating a professional and stable image for your charitable organization.
Form a Non Profit Organization in Maine
The first step to form a non profit organization is choosing a name is the first step to incorporating in Maine. The name you choose must be unique to any other registered Maine business name on file and must contain the term "Corporation", "Incorporation", or "Limited". Once approved, the next step is writing and submitting the articles of incorporation with the Secretary of State and paying an initial filing fee of $145.
Filing Articles of Incorporation
This state-specific document must include the approved name of the corporation, its purpose, a statement indicating if the corporation will have directors, name, address and verified signature of the initial incorporator(s), name and street address of the registered agent and the mailing and/or principal address of the corporation. It must also state the number of shares the corporation is authorized to issue with par value (the state of Maine allows 1,000 shares). Other formation procedures include:
- Recruiting and/or appointing directors
- Draft bylaws
- Holding first annual directors meeting
- Apply for Federal Tax ID Number (EIN)
- Publish a notice of intent to incorporate in the local newspaper
Applying for the Non Profit Tax Exempt Status
The first step to obtaining 501(c) (3) tax-exempt status in the state of Maine is stating that the non profit organization is a Type B (designated as a public benefit) corporation. A public benefit corporation is tax-exempt under section 501(c) (3) of the Internal Revenue Service and subject to many benefits including having the limited liability protection for its members and exempt from paying federal and state income taxes.