In addition to sole proprietorships, partnerships, LLCs and corporations, which have been discussed the past four days, there are several other entity types that may be created to do business. The most notable are cooperatives and non-profits.
Non-profits require the filing of Articles of Incorporation with the Secretary of State. Like a for-profit corporation discussed yesterday, the non-profit needs bylaws and may have to have special licenses or insurance required by the state of Colorado, its local county, or its local city. The biggest requirement of non-profits that are requesting tax exempt status from the state or IRS is the filing of the Form 1023 with the IRS.
Cooperatives require the filing of Articles of Incorporation with the Secretary of State. Like a for-profit corporation discussed yesterday, the cooperative needs bylaws and may have to have special licenses or insurance required by the state of Colorado, its local county, or its local city. In addition, documenting the rights and responsibilities of the members is especially important.
If you are thinking about setting up a non-profit or a cooperative, and need help with the required documents or are unsure what documents you need, please feel free to call me, your Denver business attorney, at 720-258-6647, email me at elizabeth.lewis@eclewis.com or contact me through my contact form.