Start strong! BearmanCPA has helped scores of nonprofits get off the ground and start out along the right path as an incorporated nonprofit entity. While we are not attorneys, we have helped many clients over the past 15 years navigate the complexities that confront fledgling organizations.
If you are incorporating in North Carolina, here are some of the hurdles to jump:
- Complete and file your North Carolina non-profit articles of incorporation and bylaws.
- Obtain federal employee identification number (FEIN)
- Open a bank account in the name of your nonprofit.
- Apply for income tax exemption from the IRS as either a charity or a foundation.
Obtain NC Department of Revenue approval to operate as an income-tax-exempt entity.
- Obtain approval to request a bi-annual refund of NC Sales Tax paid
- Apply for a NC Charitable Solicitation License
- Obtain worker’s compensation insurance
- Hire employees and obtain all necessary payroll documentation. Remit federal and state income tax withholding, employer and employee FICA contributions, and State unemployment
- Prepare your Form 990, “Return of Organization Exempt from Income Tax”
We can guide you through each of these steps and alert you to steps in the process where you should consider gaining legal advice along the way.