Everyone wants to do good for society. Help someone they can; share something they have an extra of. Ever have these kinds of thoughts crossed your mind? Ever wondered how you can execute it on a large scale? or how to start? or who can guide you?
Well, that’s why lawyers for nonprofits are there, so as you never worry about profit, you never have to worry about legal protection.
We will educate you on exactly what they do and what the processes involved are. We want you to just understand it, not have to do it; that’s their job.
What does a Lawyer for Nonprofit Organizations Provide?
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Well, there’s a lot they can assist you with:
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In Developing a Statement of Purpose and Program Activities.
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Incorporate the foundation as a 501(c)(3) private foundation.
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Determining structural issues for the Board of Directors.
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Preparing bylaws for organization.
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Develop a 3-year budget.
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Obtain an Employer Identification Number (EIN) for the foundation.
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Prepare a conflict of interest policy.
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Document the minutes of the first Board of Directors meeting.
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Submit the IRS tax exemption application.
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Prepare state exemption applications and registration documents.
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Review all necessary operational responsibilities of lawyers for non-profits.
2. They can help you create an action plan for foundation practices and operations. Some of the steps include:
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Establishing an accounting procedure.
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Identifying key consultants.
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Developing a strategic plan for asset management and enhancement.
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Establishing grant-making guidelines and managing the proposal submission process.
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Creating a website and brand identity for the organization.
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Generating publicity and awareness through press releases.
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Develop internal procedures for grant selection.
3. Role of Lawyers for Nonprofits in Holding an Organizational Meeting:
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Adopt a form for the minutes of the board meeting.
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Adopt bylaws
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Elect Directors and Officers
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Authorize the application for federal IRS tax-exempt status.
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Authorize a corporate bank account
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Establish a ledger and appropriate corporate records.
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Adopt a fiscal year for the corporation.
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Designate chairpersons and members of committees.
Confused on 990’s and 501c3 Attorney General Counsel?
Simply saying the 990 is the tax form that the Internal Revenue Service (IRS) requires with all 501(c)(3) tax exempt. All charitable and nonprofit organizations are required to submit it annually.
So while talking to lawyers for nonprofits for 501, keep a few things in mind, like:
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Laws have been drafted as per your needs.
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They are helping you with creating budgets.
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They are preparing documentation for initial directors' meetings.
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They should also help you with the establishment of tax-exempt status at the federal and state levels.
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They should help in maintaining corporate formalities.
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They should provide ongoing representation and consultation on various legal issues of the organization.
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Accounting support is appreciated if they provide it.
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And last but not least, providing assistance with IRS and state filings.
This will keep your basics clean, and never hesitate to ask your lawyer if you don’t understand anything.
Learn about the Uniqueness of Nonprofit Startup
Once even walking was new to everyone, so don’t worry; whenever you visit lawyers for nonprofits, you can start by talking about essential documents and finalize paperwork for the incorporation and application process. Let me help you with some things to keep in mind:
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The initial writing process can involve writing documents such as:
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Statement of Purpose
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Program Activities
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Description
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Fundraising Plan,
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Board structural issues
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3 year budget.
2. Consider this as a second step and discuss the following points with your lawyers for nonprofits.
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About finalizing Articles of Incorporation
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Bylaws,
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Conflict of Interest Policy
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Board Meeting Minutes
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IRS and State Exemption Applications,
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And a corporate records book.
3. Always ask for a written instructions booklet, such as:
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A free 100-page guide
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Toolkit
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Compliance Guide for 501(c)(3) Non-Profits
Conclusion
So, if you or someone in your neighbourhood ever plans for a nonprofit startup, start by visiting a lawyer and getting you legal protection on hand. For instance, you can take assistance from NonprofitLegalCenter.com; their qualified lawyers for nonprofits and extensive experience will let your business navigate legal complications with ease. Visit their website to learn more!