Catch Together Module 2

Choosing your legal form

Once you know the basic purpose of your permit bank, you’ll have to decide what form of organization it will take. Will it be a non-profit or a for-profit company? A 501(c)(3), or some other non-profit designation?

Module-2.jpg
 
 

Lesson 2.1

Nonprofit Overview

Time: 1 hour


Participant Guide

Facilitator Guide

Video Class

This lesson will provide you with information about nonprofits so you can decide if you should become one.

Simply put, a nonprofit is an organization that can’t give its income to shareholders —in fact, they can’t have shareholders at all. That restriction leads to many more detailed benefits and restrictions.

By the end of this lesson you will be able to: 

  • Understand what it means to be a nonprofit.
 
 
 

Lesson 2.2

501(c)(3) Status

Time: 1 hour


Participant Guide

Facilitator Guide

Video Class

This lesson will inform you about 501(c)(3) status (versus other nonprofit statuses) so that you can decide if you want to pursue it.

A 501(c)(3) is one of the designations available to nonprofits. (There are also 501(c)(4), (5),(6), etc. We’ll talk about that a bit more later on.) 501(c)(3)’s have to have what the IRS calls an “exempt purpose.” 

By the end of this lesson you will be able to:

  • Understand the different statuses available to nonprofits.
  • Understand the benefits and limitations of 501(c)(3) status.
 
 
 

Lesson 2.3

Becoming a Nonprofit

Time: 2 hours


Participant Guide

Facilitator Guide

501(c)(3) Checklist

Video Class

This lesson will inform you about the practical requirements of earning and maintaining 501(c)(3) status.

By the end of this lesson you will be able to:

  • Understand the legal, logistical requirements for becoming a 501(c)(3).
  • Determine who will be responsible for fulfilling these requirements in your organization.
 

Next: Paperwork