👉

Did you like how we did? Rate your experience!

Rated 4.5 out of 5 stars by our customers 561

Award-winning PDF software

review-platform review-platform review-platform review-platform review-platform

Video instructions and help with filling out and completing Fill Form 8854 Relinquished

Instructions and Help about Fill Form 8854 Relinquished

Hi, I'm Tim, the CEO and founder of Apple software. I've helped start a number of nonprofits and worked at a church for several years. So, I've gone through this startup process multiple times. It's not as difficult as it seems. When you do your first one, it's challenging, but when you do the second one, it's like, "Oh, I remember how to do all this stuff!" And after you've done a few of them, you realize that if you just know the steps and the checklist, it's pretty easy to do. First, you need to file articles of incorporation with the secretary of state to bring the entity into existence. Then, I called the IRS and got an EIN (Employee Identification Number). After that, I drafted and signed incorporator minutes, relinquishing control of the board. I decided that the board would then have board minutes where they adopted the rules by which they're going to operate, which are the bylaws. Next, you need to fill out the Form 1023, which is the tax-exempt application. So, when you have your corporation formed with the Secretary of State and you need to turn it into a nonprofit corporation, you submit the 1023 with the IRS. Before you submit it, there are some steps you have to take. When you formed the corporation with the Secretary of State, you, as an individual, signed the document saying this nonprofit ought to exist. But when you submit the 1023 to the IRS, that's on behalf of the corporation or the entity. So, you have to establish a connection between the two and draw a link, saying, "Yes, I'm a part of this thing and I deserve to be able to file." There are some steps that have to take place. One of the first steps is drafting what's...