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70% of small businesses are owned and operated by a single person.
Small businesses employ 57% of the country's private workforce.
Small businesses pay 44% of U.S. payroll.
Only 50% of businesses survive five years.
Immigrants make up 12.5% of small business owners nationwide.
60 to 80% of all new jobs come from small businesses.
For further assistance with filing a Non-Profit Election or questions regarding the process please contact our specialists at 888-300-3039.
The basic requirement of obtaining tax exempt status is that the organization is specifically limited in powers to purposes that the IRS classifies as tax exempt purposes. Unlike for-profit corporations that benefit from broad and general purposes, non profit organizations need to be limited in powers to function with tax exempt status, but a non profit corporation is by default not limited in powers until it specifically limits itself in the articles of incorporation and/or nonprofit corporate bylaws. This limiting of the powers is crucial to obtaining tax exempt status with the IRS and then on the state level
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