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Mesa ArizonA Form 4506-A: What You Should Know
I am a California real estate investor trying to set up new LLC as an exempt entity. What is involved in setting up an LLC as a non-profit organization in CA? May 30, 1999 — If your business is a business, not a hobby, it can be classified as a “nonprofit” in California. This is a very serious problem. If you are not careful, your LLC (Limited Liability Company) will likely run afoul of many tax laws and be a liability to the IRS just like your business. The very thing that sets up your limited liability corporation as an exempt entity is to form it as an “accredited” non-profit organization. To form an accredited non-profit organization, a business must qualify as tax-exempt on its own, not as part of an organization. The accreditation process takes years. (The IRS does have a few examples of 501(c)(3) organizations that are tax-exempt in the United States.) So before you think about doing this you should speak with an attorney to decide how the organization will be treated for tax purposes. Please be cautious if the organization is tax-exempt on its own or is incorporated. The only entities that can form an accreditation non-profit organization are the following: The business itself, a charitable (charitable) organization associated with the business (such as a church, club, or fraternal organization) The company itself, or the president, if the company has more than one owner or if it does not have any physical place of business. An affiliate association, not part of a business, which owns or runs a branch or office out of part of the business and which also has its own physical place of business at which the organization is organized. If no business is found to be affiliated with the business, the organization's tax-exempt status can be revoked on its own. For more information, read How an “Accredited Non-Profit Organization” Is Formed. When Is My New LLC Ready To File? The business must be in existence, active, and organized to qualify as an accreditation non-profit organization and file annual income tax returns, if required under Internal Revenue Code Section 501(c)(3) (non-profit organizations are tax-exempt in the United States.
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