Whether you are setting up a non-profit or have been operating for several years, it is vital that you retain your tax-exempt status for 501c3 in Minnesota. This is what keeps you a tax-free organization, rather than tripping over to a public company and being liable to full taxation. How do you maintain your status?
Hire the Best Attorneys
While it is important and your responsibility that your non-profit stays within the rules of 501c3 in Minnesota, retaining experts within the nonprofit legal profession is essential, so you can concentrate on what you do best; raise funds for your foundation or charity.
Many nonprofit organizations fail to reach their fifth year because they take too much time concentrating on the non-fundraising areas of their organizational body.
Nonprofits may also fail because they were not structured correctly when formed and this problem has not been addressed during the intervening months or years.
Your application for the 501c3 in Minnesota must be perfectly presented so that the IRS provide their authorization. You must be confident in knowing that any questions raised by the IRS can be answered securely by your legal representation.
Begin How You Mean to Go On
Instead of attempting to complete the application process yourself, hiring experts within the legal field will help you achieve your goals successfully. They will interview you at great depth to ensure that your original structure sits perfectly with your ideals so that your mission statement can be accomplished. They will have the expertise to know how to avoid the pitfalls.
Whether you are a small or mid-sized nonprofit corporation, operating with a budget of $5,000,000 or less per annum, your CEO or executive director should seek specific legal advice from an expert with nonprofit expertise, rather than dealing with a general legal practitioner. The difference could mean redirecting your foundation’s funds to the IRS when you have made technical errors. These errors can be avoided by hiring trusted professional experts.