If you are interested in organizing a not-for-profit corporation in the state of Illinois, then it is important that you take a look at the state guide that was created to help residents like yourself do just that.
“A Guide for Organizing Not-For-Profit Corporations” was created by the office of IL Secretary of State Jesse White and provides information on everything from tax-exempt status and reporting requirements to the articles of incorporation.
One common misconception detailed by this short state guide is that not all not-for-profit organizations are tax-exempt. If you are looking to apply for this status with the state of Illinois, your corporation must be a certain kind of charity, a school, a church or something along similar lines. Athletic institutions, for instance, will most likely not be approved for this status.
For more information on what it takes to be a tax-exempt not-for-profit corporation, contact the Internal Revenue Service or read the material provided in their guide to applying for and maintaining an exempt status.
Another important subject that is covered in this succinct state guide focuses on the articles of incorporation. In order to be incorporated as a not-for-profit corporation in Illinois, you will have to meet the following requirements:
For more information on specific requirements, check out the Illinois state guide.