FAQ
A “for profit” business is generally created to sell a good or service with the goal of making a “profit” for the owners or shareholders of the business. A nonprofit by definition is an organization that is created to advance a particular cause – but not for the purpose of making a profit.
- Obtaining 501(c)(3) status for your nonprofit offers a multitude of advantages.
- Firstly, it opens doors to apply for grants, securing vital financial support to run
- your programs. Additionally, your organization can readily accept donations, and
- these contributions are tax-deductible for your generous donors.
- With tax-exempt status, you can make tax-free purchases for your nonprofit,
- stretching your budget further. This journey isn’t just about finances; it’s about making a positive impact and feeling good about helping others.
- Moreover, 501(c)(3) status enables you to compensate yourself and your team while providing a critical shield of limited personal liability. It's a transformative step for nonprofits, combining financial sustainability with a profound sense of purpose
- and protection.
It depends on what you need. From filing fees to other legal fees, there is a lot to
consider when budgeting for nonprofit formation. At Chisholm Law, we
understand that every nonprofit is different so we tailor our formation services to
meet your needs exactly. There are no hidden fees and you will never have to
pay for services you don’t need. Call us today so we can assess your situation
and provide a flat fee quote.
- Let’s take a look at the options available:
- DIY: Avoid the IRS code and unreliable internet sources to prevent costly mistakes and save time.
- Online Companies: Inexpensive but lack personalized guidance and key
- services. Success rates are often undisclosed.
- Big Law Firms: May lack attention and accessibility, billing for every
- interaction.
- CPAs/Accountants: Unable to provide legal advice, incomplete packages.
- Small Law Firms: Limited expertise, potential delays.
- Chisholm Law Firm: Founded by a nonprofit attorney, with a unique and expansive skill set, we boast a 100% success rate since 2010*. Our comprehensive package covers legal protection, name ownership, funding guidance, and more. Trust in our friendly, results-driven approach. *Disclaimer: Past results do not determine future outcomes
Simply call us at 407-329-5299 or e-mail us at info@chisholmfirm.com to schedule a free consult to tell us your nonprofit’s goals. We’ll handle the rest.
It typically takes the federal government from 4-6 weeks with the expedited process or 8 to 12 months with the long review process to render a determination regarding an application. If you need it faster, contact us for a quote for our expedited service which provides a faster turnaround than our standard packages.
All major credit cards, debit cards, Paypal, wire transfers, cash, money orders and bank checks and Affirm. Checks are subject to a 5-day hold and we will not be able to start the process until it clears from our bank. If you want to pay using a method not listed, let us know.
We are a federal practice and serve clients in all 50 states and U.S. territories for federal 501c3 nonprofit applications, federal trademarks, and related legal matters.
Yes. Any leftover profit would be reinvested back into the nonprofit instead of belonging to the founder. In a for-profit business, the founder/owners would keep any profit earned by the business themselves.
- You can apply for grants and get free money to help you run your programs
- You can accept donations
- Donations you receive are tax-deductible
- You can buy things for your nonprofit tax-free
- You get to feel good knowing you are making a difference and helping others
- You can get paid a salary and pay others
- Your personal liability is limited
Yes. You can earn a full-time salary, benefits, etc. working for your nonprofit.
Yes. We have a package that includes reviewing the paperwork you've already filed, making any necessary changes and then completing the application to the IRS.
With client cooperation, meaning when our clients respond to our e-mails promptly and provide us with the information we need on time, we can have all of the documents ready to file with the government in 4-6 weeks.
It typically takes the federal government from 4-6 weeks with the expedited process or 8 to 12 months with the long review process to render a determination regarding an application. If you need it faster, contact us for a quote for our expedited service which provides a faster turnaround than our standard packages.
If we extend to you the opportunity to work with us, one of the first steps after hiring us is your meeting with your nonprofit attorney. During this meeting, your attorney will advise you and give you detailed instructions regarding what you legally can and cannot do while we wait to hear back from the IRS regarding your application.
