Converting a For-Profit to a Nonprofit: Eligibility Tax Considerations IRS Reporting Requirements and More



Date: November 14, 2019

Time: 1:00–2:30 p.m. Eastern

Location: Teleconference

Nixon Peabody counsel Anita Pelletier will be presenting this teleconference produced by the National Business Institute (NBI).

When a for-profit business's mission or purpose changes, oftentimes it makes sense to seek nonprofit status. The conversion process can be challenging, with IRS requirements to navigate, and crucial tax issues to consider. This program will provide you with an overview of the basic steps you will need to know when a client is contemplating converting their for-profit business to a nonprofit. Our faculty will discuss eligibility requirements, teach you how to obtain tax exempt status from the IRS, and equip you with the knowledge you need to comply with annual nonprofit reporting requirements.

  • Learn which factors to consider when determining if the business is eligible for conversion
  • Get tips on drafting strong nonprofit bylaws, operating agreements and articles of incorporation
  • Understand the purpose and filing procedure for IRS Form 990

For more information, including cost and registration details, please visit the NBI website.

Who Should Attend

This program is intended for attorneys. Accountants and paralegals may also benefit.

Course Content

  1. Determining if the Business is Eligible: Mission Statement and Business Plan Basics
  2. Tax Considerations When Converting to a Nonprofit
  3. Establishing a Board of Directors: Composition, Compensation and Compliance
  4. Bylaws, Operating Agreements and Articles of Incorporation: Drafting Tips and Essential Provisions
  5. IRS Form 1023, Application for Recognition of Exemption: Avoiding Common Errors
  6. Transferring Existing Assets and Debts into the Nonprofit
  7. Filing IRS Form 990 and Other Annual Nonprofit Reporting Requirements
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