How to Start a Florida Not for Profit Company
Do you have an idea about starting a charitable organization or an organization to advance science or literary arts in the state of Florida? If so, consider obtaining nonprofit status for your organization. Nonprofit organizations enjoy several benefits, including exemption from state and local taxes and eligibility for government grants and funding. Starting a nonprofit corporation in the state of Florida requires you to file specific papers and comply with section 617 of the Florida Statutes (see References 1).
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Instructions
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Setting Up a Nonprofit Corporation
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Flesh out the details of your nonprofit corporation by drafting a business plan. In the plan, list your organization's mission (such as: to research cures for cancer). Describe in detail how you intend to fund the business or organization and how you intend to operate the business.
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2
Download, print, and complete the Florida Nonprofit Articles of Incorporation. A copy is available in the resource section below; you also can obtain this form from Florida's Business Corporations Division, located in Tallahassee. Visit the office or call 850-845-6052. Follow the instructions on the form and provide the required information (Corporation name, address, purpose of the business, and how the directors are elected).
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File the completed Nonprofit Articles of Incorporation with the Business Corporations Division. Pay the required filing fee (as of 2010, the fee is $70.00). Mail the completed application to: Department of State, Division of Corporations, Corporate Filings, P.O. Box 6327, Tallahasee, FL 32314.
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Draft the bylaws for your corporation. The bylaws explain how your business will operate. They will set forth the duties and responsibilities of the directors, how the directors are elected and when meetings will be held. Refer to the Bylaws for Nonprofit Corporations resource below to help you draft this document. Elect/Appoint officers at your organizational meeting. In the bylaws, explain how long the terms will be and when the next election will take place (such as every six months, annually, or every two years).
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Hold an organizational meeting and appoint at least three directors for your corporation. These individuals are responsible for discussing and voting on issues and policies (see References 2). Florida requires not for profit organizations to appoint at least three people, but they do not have to reside in Florida (see References 1). Be sure to have someone draft minutes of the meeting to serve as a record of the meeting.
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6
Apply for an Employer Identification Number from the IRS by filing Form SS-4. The required form is available for download by visiting www.irs.gov.
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Apply for tax exempt status from the IRS by completing and filing Form 1023. This establishes the organization as a 501(c)(3) corporation. This status is available to nonprofit entities formed for one of the following purposes: charitable, religious, scientific, or literary (see References 3). This form must be filed by the end of the fifteenth month after you file the nonprofit articles of incorporation (see References 3).
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Register with the Florida Department of Revenue and the Division of Consumer Services. You will need to complete various tax forms and provide other information to these departments. For more information, refer to the links provided on "Start-up Kit for New Business Owners" atwww.myflorida.com.
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Open a bank account in the name of your nonprofit company. Your bylaws should explain who must sign the papers on the account (for example, only the president or both the president and the treasurer). Refer to the bylaws you drafted to determine who must sign on the account. If the bylaws are silent, cover you bases by having at least two directors sign the account.
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10
Annually file required information returns. The IRS requires you to file Form 990, 990-EZ, or 990-PF each year. Florida law requires you to file annual reports with the Division of Corporations (see References 1).
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Tips & Warnings
Forming a nonprofit organization can be a tricky legal process. If you are unsure about the forms of the required information, speak with a business law attorney licensed in Florida to help you through this process.
References
Resources
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