The short answer: No. A benefit corporation, like a normal stock corporation, cannot have tax exempt status because it has owners (aka shareholders) and because it uses the majority of its profits to benefit those owners. For those reasons, a benefit corporation will not be approved as a 501(c)(3) entity that can offer charitable tax deductibility to its donors.
If you want your entity or organization be tax exempt, you need to form a non-stock corporation. And one tip: be sure you do not use the State Corporation Commission online eFile formation service for your non-stock corporation because it will not contain the provisions the IRS requires and you'll have to do it over.
Comments
There are no comments for this post. Be the first and Add your Comment below.
Leave a Comment