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Form Instructions 1023-EZ Houston Texas: What You Should Know

The tax-exempt corporation is a separate legal entity created for a purpose other than profit or loss; to which the tax-exempt share of income, deductions, and credits attributable to income or assets that belong to the corporation may not be applied. It has certain limited tax-exempt powers. The most important of these are the power to spend your property and income to its own profit or loss. What are the benefits of forming a C-Corp? If you are thinking about incorporating a nonprofit, consider forming a C-Corp because the corporate tax structure is a bit simpler; for example, if you want to run your business as a separate entity the IRS does not treat your C-Corp the same way. Also, if you intend to own and utilize corporate assets, you are generally considered to be operating your business as a separate organization regardless of whether you incorporate. It is important to note that most tax-exempt corporations are not required to report income. Most have no obligation to file a federal income tax return (if they file, they must fill out Schedule C), and most, except for the very largest, are not required to keep books or other records. If you are forming a tax-exempt organization, it may not be feasible to form an LLC (limited liability company) for your LLC, although you may want to consider forming one anyway. How do you form a C-Corp? An LLC is just a legal entity, with all the rights and obligations of a legal entity, just one layer below a corporation. LCS are taxed as a corporation, meaning that the LLC will pay corporate income tax on its profits. (See Taxation 101.) So whether you form an LLC or Form Corporation, your corporation will own most, if not all, its assets and pay no taxes on its income.

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