Legal Question in Business Law in Colorado

ramifications of being a 501 c 3 not-for-profit corporation

What are the basic legal, tax, donation, and agency ramifications of being a 501 c 3 not-for-profit corporation?

Asked on 1/14/02, 3:28 pm

1 Answer from Attorneys

Louise Aron Attorney at Law

501 c 3 corporation

Louise Aron

Attorney at Law

Lakewood Office:

1536 South Ingalls

Lakewood, Colorado 80232 USA

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Denver, Colorado 80209 USA

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LawGuru User

Dear LawGuru User:

I have formed a number of 501(c)(3) corporations.

Documents required to incorporate a 501(c)(3) include Articles of Incorporation, Bylaws, Consents to Action or Minutes and numerous

documents required to apply for and obtain a federal tax exemption.� Directors, officers and members (if any) are not liable for the entity's obligations. Income and profits from this entity are not distributable to members, directors

or officers.� Filing the appropriate documents with the Internal Revenue

Service (IRS) must occur in order for contributors to claim a tax deduction

for contributions.

The tax returns and other financial records of a 501(c)(3) organization are available to the public. You will not own a 501(c)(3). It is not intended to be the property of the incorporator, its president or of any other person. The board of directors of the 501(c)(3) determines its direction and activities.

Thank you for using LawGuru.


Louise Aron

Attorney at Law

Web site

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Answered on 1/14/02, 4:23 pm

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