Making Your Charitable Dreams a Reality – Part One: Formation
The attorneys at Waldron & Schneider enjoy helping clients make their charitable dreams come true by turning their charitable ideas and passions into an official charitable organization or private foundation.
Achieving tax-exempt status requires several steps including: forming a corporate entity, obtaining an employer identification number (“EIN”), applying for tax exemption, and maintaining your entity once tax-exempt status is granted. In this blog, we will talk about formation of the corporate entity.
Once you have an idea for a charitable purpose, call the attorneys at Waldron & Schneider to schedule a meeting to discuss how to form your corporate entity. We will help you decide the appropriate type of corporate entity; complete and file the required paperwork with the State of Texas; obtain your EIN; and create your corporate book. One of the documents included in the corporate book is the Bylaws for your corporate entity. It is important to have an experienced nonprofit attorney prepare your Bylaws and other formation documents because there are important differences between these documents when prepared for a nonprofit entity vs. a for-profit entity. Failing to meet these specific requirements can impact your ability to achieve tax exempt status.
Please call to schedule an appointment with one of the attorneys at Waldron & Schneider to get your nonprofit entity formed today.
In the next part of this series, we will discuss the tax exemption application process.
The legal information in this blog entry is not intended to be a substitute for seeking personalized legal advice from an attorney licensed to practice in your jurisdiction. Further, nothing contained in this article is intended to create an attorney-client relationship with any reader. This article and website are made available by Waldron & Schneider for educational purposes only and to give basic information and a general understanding of the law, not to provide specific legal advice. By using this website you understand that there is no attorney client relationship between you and Waldron & Schneider. The article and website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. For more information or questions you can contact us and one of our attorneys will be in touch soon.