Starting a Non Profit, Foundation or 501c3 Charity can be very rewarding but very complex as well. In addition to providing your services, you must also hire, train & manage employees, maintain compliance with government regulations, understand your market and position your company to grow. Donations do not come by easily, the odds of failing and business risks are high.
WHEN STARTING UP any business, there are obviously countless things to consider: Do I need a business plan? Should I work from home or lease office space? How will I reach prospective customers? But when you're launching a social enterprise, one more quandary needs to be added to the list: Do I set up shop as a nonprofit or a for-profit? If you are a nonprofit 501c3 entrepreneur, Review the following Non Profit here are the startup steps needed to get started.
After obtaining 501c3 exemption, most newly created organizations will be required to File Form 8734 with the IRS after 5 (5) years of operation.