Of the nine steps necessary when forming a Non-Profit in Alaska, the most important is to name your Corporation. When you’ve selected an Alaska Non-Profit name, you can double check if this name is still available through the state’s website.
To ensure that the Non-Profit name you have chosen can be yours exclusively, you can have it reserved it as well. For more details on reserving a business name, you visit the Corporations section of the Department of Commerce of Alaska.
Unlike other states, Alaska imposes more rigorous policies when it comes to naming your business so it is best to refer to this business name registration form to give you a better idea of how to go about it.
In Alaska, the basic requirement in the number of initial directors is three for the organization to legally operate.
If you want to elect more than three, it is also allowed as long as there are three directors beyond the age of 19. This set of initial directors will serve until the first shareholder’s annual meeting.
There are no federal or state laws that require a new business to create Corporate bylaws, but it is an important aspect of your business that you don’t want to overlook.
These bylaws set a precedence of the internal operations of your business. The Corporate bylaws should already be in place even before you file your Articles of Incorporation (the next step).
Forming a Non-Profit in Alaska requires you to file for a Non-Profit Articles of Organization. As this legal document is quite complicated, make sure that you fill it out completely.
When filling out, the following vital information is necessary:
When registering an Alaska non-profit, you can utilize this Articles of Incorporation form. Moreover, filing an Articles of Incorporation does not automatically qualify you for a Non-Profit nor does the form include languages that get you a 501(c)(3) status so you have to include specific statements when filing.
The first meeting with your initial board of directors is crucial because this is where you set a number of decisions for the operation of your business. The following agenda should be decided upon:
As soon as the meeting ends, make sure that all members have signed the minutes of the meeting.
A Corporate Records Binder is an important part of your business because this is where you store all your important records and legal documents.
This binder is not a mandatory Alaska Non-Profit registration requirement, but having one could make your life easier. A records binder can be bought at your office supply chain or you can purchase and have it directly shipped to you via Amazon.
An Employer Identification Number is one requirement in processing your Non-Profit organization registration that you don’t want to overlook as it is very important to have this number.
Almost every operation and transaction in your business needs an EIN. You can obtain an Alaska Non-Profit EIN through the IRS website.
By opening a business bank account you will be able to keep all financial assets separate. Not only does it protect your personal assets, but it makes paying taxes a lot more simple.
There are many options including Chase and Bank of America, so do your research to find out which is right for your Alaska Non-Profit. Here are our top 3 options.
As mentioned earlier, filing for an Articles of Incorporation does not automatically register you as a 501(c)(3) organization. Alaska Non-Profit tax registration is necessary so you can take advantage of the exemptions offered by the federal and state government.
The first step to registering for Non-Profit taxes exemptions is to file a form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code or 1023-EZ, Streamlined Application for Recognition of Exemption under Section 501(c)(3) of the Internal Revenue Code for federal tax exemptions.
The latter form is more suited for smaller organizations that meet certain criteria in gross annual receipts and overall assets. You can refer to the form for instructions on how to fill out it as well.
As soon as you receive the federal notice for your 501(c)(3) status, you are automatically exempt from Alaska income tax. Aside from this, there are other taxes that you can be exempted from. You can go to Alaska’s Department of Revenue Tax Division for more information.
After making sure your business is registered for taxes, adhere to the appropriate licenses, permits, and regulations. This will help you operate legally at a state and federal level.
To learn more about the obligations you will need to adhere to, check out this resource roundup built by the SBA. If you are nervous about this step and would rather professionals do the research for you, here is a great package.
Now that you have followed the steps above, you are an official Non-Profit organization in the state of Alaska. Other than those 10 steps that are based on state guidelines, here are 2 additional steps based on best practices for starting a successful organization. Not required, but highly recommended.
Now that you have the eight steps to necessarily form your Non-Profit organization, you are officially an Alaska Non-Profit.
This last step, writing a solid business plan, is not mandatory, but it is an important piece of the success of your business. Don’t worry if you don’t know how to write one, here are two resources that will help you plan for success.
As you start a Non-Profit in Alaska it’s important to have a business website. This will give you a solid online presence and credibility aspect. Thankfully you don’t have to be tech savvy to start a website since there are platforms like WordPress that are easy to get started.
Learn how to build a business website through this walkthrough guide.
This an informational guide on Alaska Non-Profit organizations and is not legal advice. Your attorney is still the best person to talk to when you want to learn of the intricacies of starting a Non-Profit Organization in Alaska or starting a new small business in general.