Turns out that for non-profit corporations, the requirements for the ACC are much looser than the IRS. And, the IRS is not something we want to mess with. When we're ready to apply for our tax exempt status, we want all of our ducks in a row.
It turns out that the IRS requires 5 board members and not 1 like I read in the books that I took out of the library. Even though we had originally decided on 3 board members, I will change the Articles to include 2 more. Lesson to be learned for do-it-yourselfers...this is truly a complex process. Legal advice is worth the cost.
Under the category heading of providence, I end up sitting right next to a paralegal at a meeting this morning who just finished starting her own non-profit/tax-exempt corporation. She was quite helpful with a few pointers so now I feel like we're really ready to file.
- Said paralegal, by the way, charges $600 PLUS the filing and publishing fees for LLCs and PLLCs. And, she cannot dispense legal advice either. At $279, we're looking like a bargain!
It's better to hit the snag and overcome it BEFORE filing and publishing (otherwise you have to pay twice and we're starting this foundation on a shoe string). The true test will be tomorrow when I actually go down to the ACC to file. Say some prayers, people!
