How to Form a
Nonprofit Corporation

By Attorney Anthony Mancuso
Nolo Press, $39.95

ISBN 0873373332

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Save the world -- legally

Review by Michael Pellecchia

The exemption from federal corporate income taxation can be extremely valuable, and many states automatically use the same criteria as the IRS in determining non-profit eligibility.

If you provide an educational benefit to the public, you may qualify for some pretty lucrative tax benefits. But here's what you'll give up:

• Payments of profits or other private benefits are prohibited.
  
• You can't derive substantial income from sources unrelated to the tax-exempt purpose of the organization.
  
• The assets of the organization are permanently dedicated to tax-exempt purposes.

If you want to hire a lawyer, the book shows you how. If you want to do your own legal research, the book shows how to do that, too.

This third edition is current as of February 1996 and includes tear-out forms on disk for use with a PC word processing program.

Michael Pellecchia writes about business and finance books for this publication. He can be reached at michael_pellecchia@bookpage.com.

©1996, ProMotion, inc.

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