Posted by Diane (TX) on January 05, 2003 at 22:10:26:
To qualify for tax-exempt status, a corporation has to have a specified charitable purpose, such as “scientific, educational,” etc. A holding company won’t cut it.
Non-profit Corp as Trustee - Posted by Long Beach Ed
Posted by Long Beach Ed on January 05, 2003 at 08:21:37:
Can a non-profit corporation be established to serve as a Land Trust Trustee for it’s members’ properties? I’m thinking of a Non-profit Corporation only to hold title to my properties. Virtually no money would change hands.
What purpose would be stated in its articles of incorporation?
Would it be tax exempt under Sec 501?
And what forms would be required annually for taxes?
Thanks kindly for your wise opinions and thoughts.
- Long Beach Ed