Starting a Charity Business
If you want to start a charity business, there is a need to write the Articles of Incorporation. This is necessary to establish a separate entity. If you love serving the community, a charity foundation is right for you.
Decide on the kind of charitable work that you will be involved in and create a mission statement.
If you’re interested in providing service to others without expecting something in return, it can be a great idea to start your own charity business. You must have patience, dedication, and motivation to success in this type of business. Incorporation is necessary and since the requirements vary from one place to another, you will need to inquire at the right agencies. Before you go any further, you will need to decide on the charity that you want to start like educational, scientific, religious, and community benefit.
How to Start a Charitable Foundation?
You can read the Internal Revenue Code’s Section 501(c)(3) to learn more about the various activities that the charity can undertake. Depending on your charity goals, you can opt for a non-profit organization or perhaps a charitable trust. You should be aware that the latter is focused more on money allocation whereas NPOs are involved in community services. What is the mission of the charitable foundation? The mission statement should be formal so that the potential funders, members, and volunteers will know what to expect. Write a statement that is free from jargon, clear, and at least 1-5 sentences.
As mentioned earlier, there is a need to incorporate. Because of this, you must write the Articles of Incorporation where you will state your purpose, name, operation duration, structure, type, and organization basics. You can take advantage of online forms and don’t forget the signatures. After this, you will now work on the bylaws. These are the rules that the foundation will follow in their conduct of business. If you opt for NPO, you can apply with the state secretary and pay a filing fee. You will also need an EIN or Employer Identification Number. This will be used for purposes of taxation. For the decision making, the charity foundation should have a board of directors. You will also need to designate someone as the registered agent where all communications will be sent.
You should be active in the local community and be sure to advertise the charity foundation. When there are local projects where you can participate, you must grab the opportunity. This is vital to establish credibility, recognition, and trust among people or organizations. Your foundation can help in making the local community a better place by raising funds, creating programs, holding special events, and bringing locals together. The Ehsan Bayat Foundation, for example, helps the Afghan community by providing tremendous support for the rebuilding of Afghanistan. You should be prepared for the tons of paperwork that you will face during startup. If you have good intentions and you’re willing to help people, this is for you.
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