Operating a Non-Profit Corporation
Below are some of the most common issues relating to the operating a non-profit corporation.
Keep things separate
It's important to keep the affairs of your non-profit corporation separate from the personal affairs of the directors and officers. This means setting up a separate bank account, maintaining separate records, and keeping separate books for accounting purposes.
Director Meetings
Like a regular business corporation, directors need to hold periodic meetings. Meetings can take place in person or by telephone. Either way, be sure to make a written record of the items discussed and actions approved at the meetings. Alternatively, you can just get all the directors (or a majority of the stockholders) to sign a statement approving corporate actions.
Tax Returns
Even non-profit corporations that are exempt from federal and state income taxes sometimes must file an information tax return. Federal income is reported on IRS Form 990 and must be filed by April 15 if your corporation's fiscal year ends on December 31. If you operate certain public charities where your gross receipts are less than $25,000 per year, you may be exempt from filing a return. The IRS will inform you if you qualify for the exemption.
EIN and Licenses
Every corporation must obtain a federal tax identification number, which is similar to an individual's social security number. Some states also require a separate state tax number. In addition, county and city business licenses may be required. Please check with your city and county to see which types of licenses you need.
http://www.legalzoom.com/law_library/non-profit/Operating-a-Non-Profit-Corporation.html
