S Corporation Qualification
The fee in New Mexico to register an S Corporation is $250. To qualify for S corporation status, the corporation must meet the following requirements:
|• No Partnerships Are Allowed
• Must Be a Domestic Corporation
• Must Have Only One Class of Stock
|• May Have One To One Hundred Shareholders
• Shareholders May Be Individuals, Certain Trusts, & Estates
Nonprofit Organization Registration
You can start a nonprofit to support a worthwhile cause with the help of XyzPost. The nonprofit needs a name and a purpose, and it needs to have a minimum of three directors. The rules are set forth in the Internal Revenue Code 501(c)(3). You also need an employer identification number and to create your articles of organization. We can set up your nonprofit, but we ask that you consult with a lawyer and a certified public accountant.
Federal tax laws provide tax benefits to nonprofit organizations. They are recognized as exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code. This status allows the organization to receive charitable contributions that are tax deductible. Individual and corporate donors are far more likely to support organizations with 501(c)(3) status because their contributions give them a tax break. In addition, the US Postal Service offers reduced rates to certain charitable organizations.
Types of 501(c)(3) Organizations
The most common types of 501(c)(3) organizations are charitable, educational, and religious. The organization is required to keep books and records detailing all of its activities, both financial and non-financial. Tax-exempt organizations may be required to file an annual information return.