Starting a 501(c)(3) Nonprofit: Research, Planning, Fundraising, and More

Timestamped Summary

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  00:00

  Starting a 501(c)(3) nonprofit involves research, planning, fundraising, and overcoming technical hurdles, and there are free resources available to help guide you through the process.
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  01:26

  Before starting a nonprofit, it is crucial to identify the problem you want to address, determine how you will address it, and who will help you, as well as create a business plan.
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  02:42

  Establishing a nonprofit corporation at the state level is crucial for success and when applying for 501(c)(3) status, as it is the most common and effective entity type for charities.
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  03:39

  You need an EIN from the IRS, appoint a board of directors, and set up legally binding bylaws to start a 501(c)(3) nonprofit.
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  04:51

  Applying for 501(c)(3) status with the IRS is a complex process that involves filing form 1023 or 1023ez, which thoroughly examines the organization's structure, purposes, programs, and ensures it is formed for charitable purposes without any private benefit.
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  06:15

  Starting a 501(c)(3) nonprofit requires verifying your charitable mission and programs with the IRS, and if approved, you will receive a letter of determination confirming your 501(c)(3) status, but it is highly recommended to seek professional assistance due to the complexity of compliance rules at both the state and federal level.
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  07:12

  Tax professionals are the best advisors for startup nonprofits because they can provide guidance on tax and compliance concerns, which is crucial for success.
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  07:48

  Start a 501(c)(3) nonprofit to make a difference and change lives by getting your plan together and taking action.