The previous post in this series examined types of non-profit entities, both public benefit and mutual benefit organizations. This post deals more specifically with the types of public benefit organizations, commonly referred to as “501(c)(3)” organizations under the section of the Internal Revenue Code that authorizes their tax exempt status.
Various kinds of entities may be exempt from federal and state income taxes. They can be formally organized as corporations or trusts, but may be as simple as two or more people with a common purpose. Any of these organizations can apply and be recognized as exempt from tax by the Internal Revenue Service (“IRS”).
© 2020 Thoits Law. ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome.
Designed by Webvolutions
Recent Comments