Follow these procedures to establish a charity in Oklahoma and get 501(c)(3) status:
Step 1: Give Your Oklahoma Nonprofit a Name
Step 2: Select Your Registered Agent
Step 3: Choose Your Board Members & Officers
Step 4: Adopt Bylaws and a Conflict of Interest Policy
Step 5: Submit your Certificate of Incorporation.
Step 6: Obtain an EIN
Step 7: Apply for 501(c)(3) status (3)It is simple to establish a 501(c)(3) non-profit organisation in Oklahoma.
To establish a 501(c)(3) tax-exempt nonprofit organisation in Oklahoma, you must first establish a nonprofit in the state and then apply to the IRS for 501(c)(3) status.
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Step 1: Give Your Oklahoma Nonprofit a Name
The first and most crucial step in establishing your nonprofit company is deciding on a name. Make sure your name meets Oklahoma naming regulations and is readily searchable by prospective members and contributors.
1. Follow the naming conventions:
The name you choose for your company must include:
“association,” “company,” “corporation,” “club,” “foundation,” “fund,” “incorporated,” “institute,” “society,” “union,” “syndicate,” “limited,” or one of the abbreviations “co.”, “corp.”, “inc.”, “ltd.”, or terms of similar significance.
The exact regulations for naming an Oklahoma-based organisation may be found in the Oklahoma Statutes.
2. Does the name exist in Oklahoma? Do a name search on the State of Oklahoma website to ensure that the name you choose isn’t already used.
Step 2: Select an Oklahoma Registered Agent.
Your charity must choose an Oklahoma registered agent for your organisation.
What exactly is a Registered Agent? A registered agent is a person or corporate organisation that accepts vital legal papers on your behalf. Consider your registered agent to be your company’s point of contact with the state.
Who is eligible to be a Registered Agent? A registered agent must be an Oklahoma citizen or a company, such as a registered agent service, that is permitted to do business in Oklahoma. You may choose someone from your organisation, even yourself.
Step 3: Choose your Directors and Officers
A board of directors is made up of an organization’s directors. This board of directors is in charge of managing the nonprofit’s activities.
Officers are the president, secretary, and other members of a nonprofit who have specific roles and authority.
Your Oklahoma nonprofit’s organisational structure MUST include:
At least three directors who are not connected to one another
The president
A secretarial assistant
Step 4 Adopt Bylaws and a Conflict of Interest Policy
Your organisation must have the following two papers in order to apply for 501(c)(3) status:
Bylaws
Policy regarding conflicts of interest
What exactly are bylaws? Bylaws are the guidelines that outline the nonprofit’s operational processes.
What is the definition of a Conflict of Interest Policy? A Conflict of Interest Policy is a set of guidelines put in place to guarantee that any decisions made by the board of directors or officials benefit the organisation rather than individual members.
NOTE: The nonprofit must adopt its bylaws and conflict of interest policy during its first organisational meeting, when the directors and officers are formally selected.
Step 5: Submit your application for an Oklahoma Certificate of Incorporation.
You must submit the Certificate of Incorporation with the State of Oklahoma to register your nonprofit.
To guarantee that your organisation is qualified to qualify for 501(c)(3) status, you must expressly say the following in the Certificate of Incorporation:
1. Function:
To be eligible for 501(c)(3) status, the organization’s purpose must be expressly confined to one or more of the following:
Charitable, religious, scientific, educational, literary, and other organisations promoting national/international amateur sports competition, preventing animal/child maltreatment, and testing for public safety
2. Decomposition:
You must indicate exactly what the organization’s assets will be used for and what will happen to the assets if the organisation is disbanded.
To be qualified for 501(c)(3) status, your organization’s assets must only be utilised for purposes authorised by Section 501(c) (3).
Section 5 of this sample IRS filing offers an illustration of these 501(c)(3) eligibility conditions.
Step 6: Obtain an EIN
What exactly is an EIN? The Employer Identification Number (EIN), also known as the Federal Tax Identification Number (FTIN), is used to identify a commercial organisation, such as your nonprofit company. It is basically your company’s social security number.
Why do I need an EIN? An EIN is necessary for the following activities:
To establish a commercial bank account for the firm
In terms of federal and state taxation
To recruit workers for the firm
How can I get an EIN? After founding the firm, the business owner obtains an EIN from the IRS (free of charge). This may be done online or in the mail. For additional information, see our EIN Lookup guide.
Step 7: Apply for 501(c)(3) Status Prior to applying for 501(c)(3) status, a charity must,
Elect at least three independent directors. File the Certificate of Incorporation with the relevant conditions (As covered in Step 5)
Adopt the bylaws as well as the conflict of interest policy.
Do you have an EIN?
Once these four qualifications have been completed, your organisation may file Form-1023 online to petition for 501(c)(3) tax-exempt status.
If your application is granted, the IRS will issue you a letter confirming that your organisation is tax-exempt under Section 501(c) (3).