HOW TO START A NONPROFIT

Written By: India K Easley

Every once in a while, you would hear about a close friend starting a business It always had LLC at the end of the name While at brunch one day, a friend mentioned she wanted to start a 501c3. Everyone around the table looked confused and asked what a 501c3 was, and she said it was a nonprofit organization. With looks of concern, everyone began asking their friend different questions “How are you going to do that? What does it entail? Who will sit on your board? How much does it cost? Isn’t that a taxexempt organization? Do you know what forms to file?” With all those questions asked, no one asked if they could help

Establishing a nonprofit organization is not as easy as many think However, it can be extremely easy for some depending on their knowledge surrounding nonprofit organizations. There’s a lot of strategic work that goes into finally being about to call your organization a 501c3. Below are the most common steps needed to create your nonprofit organization in your state and eventually file for your 501c3

Although the list may seem long and highly complex, it is all worth it in the end when you can finally call your organization a 501c3 There are also plenty of reasons and benefits surrounding starting a nonprofit organization

Boost your credibility, trustworthiness, and goodwill in the marketplace.

The ability to qualify and leverage millions of dollars’ worth of grants and funding.

Tax incentives associated with donating or investing in nonprofit causes

Increase the net value of your business by adding a nonprofit component

Create your legacy and leave a deeper footprint in your marketplace

Creating a nonprofit enables you to think beyond profits and revenue and enables you to think of your overall purpose in life or business. It’s a vehicle that allows you to focus on the big picture and set longterm goals and objectives that can change the lives of hundreds, thousands, or even millions of people. On top of that, Fortune 500 companies and government bodies will be more likely to support your venture and fund your initiatives as well (Peddinti, 2022)