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May 2016

Ray Prather presented on the formation/incorporation of tax-exempt organizations and completing Form 1023 for the National Business Institute CLE.

The presentation covered the difference between nonprofit and tax-exempt, determining the type of tax-exempt organization to be under the Internal Revenue Code, whether to become a publicly supported 501(c)(3) or a private foundation, the application process for a 501 (c)(3) form 1023, the application process for other categories that qualify for exemption, required annual and periodic filings as well as liability issues with board members.