- July 20, 2016
- Posted by: Smith & Smith
- Category: Not-for-Profit, Organization Formation in Dallas, Start-Up Businesses
So you’re planning to build a non-profit organization from scratch, but what you may have overlooked can shatter your big plans. It is necessary to keep a clear motive when going through with organization formation and follow through the requisites before finalizing the organization.
Gathering the essentials
- It is not necessary to have a huge capital to form a non-profit organization. What you actually need is an idea that will stick and a solid system to build on it.
- You need to organize the connections with proper government agencies that will provide you with the licenses to form your organization.
- Payments to the organization should be counted as charity donations, so the organization needs support for tax relief.
- Make a mission statement that will represent the working of the organization before formation. You need to make this statement available to the people you want to target. They should know whom you plan to help.
Now that you’ve gathered the essentials, you need to start off.
- Build your audience stating clearly who you’re catering to and how you can benefit your clientele.
- If you’re planning to have your federal taxes exempt from your financial statements, you need to announce to the IRS that your organization formation is entirely for non-profit purposes and fill out the necessary forms.
- Legal advice and counsel is necessary and you need to enlist the help of a consultancy who can guide you in such matters.
- Make sure your accounting and bookkeeping are in order and that your organization doesn’t overstep legitimate boundaries before publicly starting off.
- Carefully plan the steps your organization will take so you can effectively manage it for the initial year. This will help you understand which steps work nicely and which ones need improvements.
Planning for development and expansion
Now that your organization formation is complete, you need to manage it efficiently so it can develop into a successful operation. You may have plans to expand it into a global entity but that comes slowly. A CPA firm can help you decide on the best course of action regarding legal matters, managing finances, possible expansion plans for the future and on preparing taxes as well.
Make sure you stick to your mission statement as your company’s status will depend on it. You can add to it, but changing ideologies is not a sound plan for development of your non-profit organization.
You can also read: Planning Out Your Taxes for Your Startup in Dallas
If you want to learn more about creating non-profit organization in DFW area including Arlington, Seagoville , Dallas and Fort Worth, then call 817.466.9333 or 972.287.5593 now!