On Feb 5, 2009, at 10:02 PM, Tom Hughes wrote:
What may be confusing some people is that the UK doesn't really have
the
concept of a non-profit that some jurisdictions have, so there is no
special tax status for companies limited by guarantee. Only registered
charities get special tax status and registering as a charity is much
more onerous than just forming a non-profit company.
It's very similar in the USA. You can start a corporation as a not-for-
profit, which makes your tax reporting similar. You still have to pay
taxes, it's just that the amount will always be zero. Or, you can
file with the IRS for recognition as a non-profit to receive 501(c)3
status. It usually takes a couple of letters of correspondence with
them, and about 9 months, and there are complicated forms to fill out,
AND you have to file a special tax form every year AND you have to
demonstrate that you are actually being funded by the public (as
opposed to a rich dude who wants some place to dump his excess
money). much more onerous describes it very well.
--
Russ Nelson - http://community.cloudmade.com/blog -
http://wiki.openstreetmap.org/wiki/User:RussNelson
r...@cloudmade.com - http://openstreetmap.org/user/RussNelson
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