Incorporation History - Revision history

Laz at 12:34, 30 March 2017

2017-03-30T12:34:40Z

← Older revision		Revision as of 12:34, 30 March 2017
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	3. Using legal organization name and charter, request an Employer Identification Numer (EIN) from the IRS. The EIN is a taxpayer identification number for corporate entities, similar to a social security number for individuals. (Complete 12/6/11).		3. Using legal organization name and charter, request an Employer Identification Numer (EIN) from the IRS. The EIN is a taxpayer identification number for corporate entities, similar to a social security number for individuals. (Complete 12/6/11).

	4. With a charter from the state and the EIN, apply for a non-profit exemption with the IRS under section 501(c)(7). This application is extensive, and will require some effort. We should attempt		4. With a charter from the state and the EIN, apply for a non-profit exemption with the IRS under section 501(c)(3). This application is extensive, and will require some effort. We should attempt

	5. Use EIN to establish local corporate presence (i.e. open a local bank account). (Complete 12/9/11). Bank account created at Y12 Federal Credit Union.		5. Use EIN to establish local corporate presence (i.e. open a local bank account). (Complete 12/9/11). Bank account created at Y12 Federal Credit Union.

Laz at 12:34, 30 March 2017

2017-03-30T12:34:09Z

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	This page is intended to be a guide detailing the process followed to incorporate ~~KMG~~. It should describe the steps taken to incorporate, as well as provide a list of requirements to maintain non-profit corporate status with both the state of Tennessee and the IRS.		This page is intended to be a guide detailing the process followed to incorporate KM. It should describe the steps taken to incorporate, as well as provide a list of requirements to maintain non-profit corporate status with both the state of Tennessee and the IRS.

	Incorporation Steps:		Incorporation Steps:

Laz at 18:24, 22 March 2013

2013-03-22T18:24:05Z

← Older revision		Revision as of 18:24, 22 March 2013
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	Periodic requirements for the IRS:		Periodic requirements for the IRS:
	*Annual tax report. Exempt organizations are required to file by the 15th day of the 5th month As long as gross receipts are less than $50,000 the 990-N form may be used. It is called the postcard form. If gross receipts exceed $50,000, but are less than $500,000, then the form 990-EZ may be used.		*Annual tax report. Exempt organizations are required to file by the 15th day of the 5th month As long as gross receipts are less than $50,000 the 990-N form may be used. It is called the postcard form. If gross receipts exceed $50,000, but are less than $500,000, then the form 990-EZ may be used.


	~~Other cautions:~~
	*As we are registering as a 501(c)(7), we will NOT be a charitable organization. Gifts to the organization will not be tax-deductible. We should be wary of the term "donation". Organizations that solicit charitable donations are bound additional laws in the state of Tennessee. We do not want to be confused with such an organization. In fact, failing to disclose that contributions are not tax-deductible could cause the organization to be fined $1,000 per day of violation.

Laz at 18:23, 22 March 2013

2013-03-22T18:23:42Z

← Older revision		Revision as of 18:23, 22 March 2013
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	6. Use corporate accounts to set up electronic payment processing with paypal and/or square. (Complete 12/13/11).		6. Use corporate accounts to set up electronic payment processing with paypal and/or square. (Complete 12/13/11).

	7. Investigate requirement for local business license in county of principle office.		7. Investigate requirement for local business license in county of principle office. (Not required when registered as a non-profit with the state).

Laz: moved Corporate to Incorporation History: This is really more a history of what we did

2012-10-21T14:14:44Z

moved Corporate to Incorporation History: This is really more a history of what we did

← Older revision		Revision as of 14:14, 21 October 2012
(No difference)

Laz at 18:45, 13 December 2011

2011-12-13T18:45:40Z

Laz at 20:30, 15 November 2011

2011-11-15T20:30:07Z

← Older revision		Revision as of 20:30, 15 November 2011
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	5. Use EIN to establish local corporate presence (i.e. open a local bank account).		5. Use EIN to establish local corporate presence (i.e. open a local bank account).

			6. Use corporate accounts to set up electronic payment processing with paypal and/or square.

Laz at 16:57, 15 November 2011

2011-11-15T16:57:31Z

← Older revision		Revision as of 16:57, 15 November 2011
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	Periodic requirements for the state government:		Periodic requirements for the state government:
	*Each corporation registered in Tennessee must file an “annual report” with the Division of Business Services on or before the first day of the fourth month following the close of the corporation’s fiscal year. Each annual report form is customized with current information of record relating to the specific corporation to which the form applies. Annual report forms are not available as blank forms and must be filed on the preprinted forms provided by the Division of Business Services.		*Each corporation registered in Tennessee must file an “annual report” with the Division of Business Services on or before the first day of the fourth month following the close of the corporation’s fiscal year. Each annual report form is customized with current information of record relating to the specific corporation to which the form applies. Annual report forms are not available as blank forms and must be filed on the preprinted forms provided by the Division of Business Services. This maintains non-profit status with the state and exempts the organization from the need to pay franchise and excise taxes.

Laz at 15:29, 15 November 2011

2011-11-15T15:29:24Z

← Older revision		Revision as of 15:29, 15 November 2011
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	Requirements at all times:		Requirements at all times:
	*Tennessee requires that corporations maintain at least 2 officers: president and secretary, and they may not be the same person. Other board positions may be added or removed as needed, but these offices should be filled promptly upon any vacancy.		*Tennessee requires that corporations maintain at least 2 officers: president and secretary, and they may not be the same person. Other board positions may be added or removed as needed, but these offices should be filled promptly upon any vacancy.


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	Other cautions:		Other cautions:
	*As we are registering as a 501(c)(7), we will NOT be a charitable organization. Gifts to the organization will not be tax-deductible. We should be wary of the term "donation". Organizations that solicit charitable donations are bound additional laws in the state of Tennessee. We do not want to be confused with such an organization.		*As we are registering as a 501(c)(7), we will NOT be a charitable organization. Gifts to the organization will not be tax-deductible. We should be wary of the term "donation". Organizations that solicit charitable donations are bound additional laws in the state of Tennessee. We do not want to be confused with such an organization. In fact, failing to disclose that contributions are not tax-deductible could cause the organization to be fined $1,000 per day of violation.

Laz at 15:25, 15 November 2011

2011-11-15T15:25:36Z

← Older revision		Revision as of 15:25, 15 November 2011
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	Incorporation Steps:		Incorporation Steps:

	1. Submit a charter for a non-profit corporation with the Secretary of State of TN.		1. Submit a charter for a non-profit corporation with the Secretary of State of TN.

← Older revision		Revision as of 18:45, 13 December 2011
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	Incorporation Steps:		Incorporation Steps:

	1. Submit a charter for a non-profit corporation with the Secretary of State of TN.		1. Submit a charter for a non-profit corporation with the Secretary of State of TN. (Submitted 12/1/11. Received and approved 12/9/11. Effective Date 1/1/12)

	2. File charter with Register of Deeds in county of principle office.		2. File charter with Register of Deeds in county of principle office.

	3. Using legal organization name and charter, request an Employer Identification Numer (EIN) from the IRS. The EIN is a taxpayer identification number for corporate entities, similar to a social security number for individuals.		3. Using legal organization name and charter, request an Employer Identification Numer (EIN) from the IRS. The EIN is a taxpayer identification number for corporate entities, similar to a social security number for individuals. (Complete 12/6/11).

	4. With a charter from the state and the EIN, apply for a non-profit exemption with the IRS under section 501(c)(7).		4. With a charter from the state and the EIN, apply for a non-profit exemption with the IRS under section 501(c)(7). This application is extensive, and will require some effort. We should attempt

	5. Use EIN to establish local corporate presence (i.e. open a local bank account).		5. Use EIN to establish local corporate presence (i.e. open a local bank account). (Complete 12/9/11). Bank account created at Y12 Federal Credit Union.

	6. Use corporate accounts to set up electronic payment processing with paypal and/or square.		6. Use corporate accounts to set up electronic payment processing with paypal and/or square. (Complete 12/13/11).

			7. Investigate requirement for local business license in county of principle office.


	Requirements at all times:		Requirements at all times:
	*Tennessee requires that corporations maintain at least 2 officers: president and secretary, and they may not be the same person. Other board positions may be added or removed as needed, but these offices should be filled promptly upon any vacancy.		*Tennessee requires that corporations maintain at least 2 officers: president and secretary, and they may not be the same person. Other board positions may be added or removed as needed, but these two required offices should be filled promptly upon any vacancy.


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	Periodic requirements for the state government:		Periodic requirements for the state government:
	*Each corporation registered in Tennessee must file an “annual report” with the Division of Business Services on or before the first day of the fourth month following the close of the corporation’s fiscal year. Each annual report form is customized with current information of record relating to the specific corporation to which the form applies. Annual report forms are not available as blank forms and must be filed on the preprinted forms provided by the Division of Business Services. This maintains non-profit status with the state and exempts the organization from the need to pay franchise and excise taxes.		*Each corporation registered in Tennessee must file an “annual report” with the Division of Business Services on or before the first day of the fourth month following the close of the corporation’s fiscal year. Each annual report form is customized with current information of record relating to the specific corporation to which the form applies. Annual report forms are not available as blank forms and must be filed on the preprinted forms provided by the Division of Business Services. This maintains non-profit status with the state and exempts the organization from the need to pay franchise and excise taxes. First due 4/1/13, based on effective date of 1/1/12 of charter.