This Legalzoom Nonprofit Review will answer your questions about forming a nonprofit online at Legal zoom .com
Advantages of Forming a Nonprofit
- Get Tax Relief – As a nonprofit, you are eligible for federal, state and even some income tax exemptions
- Accept Donations Legally – Once you form your nonprofit you can then apply for 501c3 status which constitutes a legal charity
- Asset Protection – The nonprofit directors and members are protected personally from any legal action or debt occurred by the nonprofit
Pros of Legalzoom
- Satisfaction Guarantee makes certain that you are pleased with the service or you will get your money back. I like doing business with companies that stand behind their services with such a strong policy. You must make your refund request within 60 days of purchase.
- Multiple Package prices are great because each person can opt for the one that fits their needs and budget. Starting at $99 covers all the basics for most charitable organizations.
- Experience of Millions of legal formations of LLC, INC corporations and Nonprofits assures that they have the professional staff and systems in place to make your nonprofit dream a reality.
Cons of Legalzoom
- Fees incurred by hiring Legal zoom to set up your nonprofit instead of doing it yourself. Which is possible, yet time-consuming and a bit complex. Here is a step by step tutorial if you have the time and organization skills to set up your own nonprofit.
- Dissatisfied customers are few but mistakes do happen in all businesses, especially large ones like Legalzoom. If you do have issues you can make a refund request and get your money back.
Definition of 501c3 Organization
This designation – 501c3 – is an IRS tax code which marks your group for special taxation rules which exempt you from paying federal, state and income taxes. Once you form your nonprofit corporation you can apply for this advantageous application with the help of Legalzoom experts.
To be qualified for Nonprofit status your corporation needs to be created to help the public, or a specific group of people or the members of the Nonprofit. Organizations such as religious, charitable and political are usually set up as nonprofit corporations. Examples of member-based nonprofits are associations such as The Elks or a golf club.
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