The Majors Law Firm can assist with the formation of a Wyoming Nonprofit Corporation. The Basic Characteristics of a Wyoming Nonprofit Corporation are as follows:
- The Wyoming Secretary of State filing fee for the formation of a Wyoming Nonprofit Corporation is $25.00.
- The Wyoming Secretary of State does not require the filing of an Annual Report for the Corporation and there are no annual renewal fees.
- A Corporation is a separate legal entity and is created by the filing of Articles of Incorporation with the Wyoming Secretary of State.
- The Corporation may be formed as a religious, public benefit, or mutual benefit Corporation.
- The Corporation may elect to have members, or the Corporation may elect to be governed solely by a Board of Directors and its officers.
- The Corporation is required to have at least three Directors. The Corporation is generally governed by a Board of Directors. The Board of Directors is in charge of overseeing the operations of the Corporation. The Board of Directors is elected by the members of the Corporation at the annual meeting of the Corporation, or by the then serving Directors, if the Corporation does not have members.
- The day to day operations of the Corporation are typically managed by the Officers of the Corporation. The Officers may consist of a President, Vice President, Secretary, Treasurer, or Executive Officers. The Officers are appointed by the Board of Directors, and one person may hold one or more offices.
- The Corporation will need to obtain a separate tax identification number with the IRS.
- The Corporation should open up a separate bank account. Bank’s will typically need to see a copy of the Article of Incorporation, Bylaws, and the tax id # for the Corporation. The Officers are usually the signors on the bank account.
- The Corporation should also consider obtaining insurance for the Corporation and Officers and Directors of the Corporation.
The formation of a Nonprofit Corporation does not automatically qualify the Corporation as a tax exempt or 501(c)(3) organization. The Majors Law Firm, P.C. can assist with the preparation and filing of the appropriate forms with the IRS and the Wyoming Department of Revenue, if a tax exempt or 501(c)(3) status is desired. The Majors Law Firm, P.C. is also available to advise Nonprofit Corporations on an ongoing basis regarding the operations of the Corporation.