In most states, the average turnaround time is roughly 10 days; however, it may take up to three or four weeks in some states. For this reason, many nonprofits choose to use expedited filing in order to start operating more quickly.
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The length of the incorporation process varies widely depending on the state in which you choose to incorporate. In most states, the average turnaround time is roughly 10 days; however, it may take up to three or four weeks in some states. For this reason, many nonprofits choose to use expedited filing in order to start operating more quickly. With expedited filing it typically takes …
Connecticut: 10 business days; 2 days with Same Day Filing if expedited. Delaware: 20 business days; 1 days with Expedited Filing if expedited. District of Columbia: 10 business days; 2 days with Expedited Filing if expedited. Florida: 20 business days; 9 days with Same Day Filing if …
Time to process your corporation or LLC formation varies by state with routine processing taking 4 - 6 weeks or even more in the slowest states. In states where it is available, Rush Processing will reduce the time to form your business to about 2 - 3 business days.
The filing office must verify you have provided the required information. Review and approval times vary by state; in Arizona, it is generally a month, though …
You will likely spend the most of your time getting the articles of incorporation, or corporation’s birth certificate, filed. You may download the form from your state’s business or corporations office, usually the secretary of state.
The directors will need to adopt bylaws, or the corporation's operating manual, at their initial meeting.
At the initial directors’ meeting, you select officers as well as adopt bylaws. State laws vary on what officers are required; in Arizona, you only need a secretary, or someone to record what happens at director and shareholder meetings and verify the corporation’s records.
The corporation sells shares to raise money and those who buy them become the business owners. The directors can issue them at the initial meeting; so long as the corporation still has shares left, it can issue more without the approval of existing shareholders.
This entity is an economic development corporation or a county land reutilization corporation, organized for the sole purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of an area or community.
Yes, a community improvement corporation is required to submit a Certificate of Continued Existence within each five years after the date of incorporation or of the last corporate filing. Also, the entity must maintain a statutory agent and provide a current name and address to the secretary of state.
Not all nonprofit corporations on file in our office are necessarily tax-exempt. A nonprofit corporation must file for tax-exempt status with the Internal Revenue Service. The IRS often requires very specific language to be listed in the purpose clause of the Articles of Incorporation for a nonprofit corporation.
Not-for-profit corporations may not be formed for profit or financial gain. Additionally, no corporate assets, income or profit may be distributed to the corporation’s members, directors or officers unless permitted by the NPCL.
The Division of Corporations accepts MasterCard, Visa and American Express for the payment of fees. To pay for a fee using your credit card or debit card, simply complete and sign the Credit Card/Debit Card Authorization Form and submit it to the Division of Corporations with your request for service.
Overview. A not-for-profit corporation may be formed under the Not-for-Profit Corporation Law as a “charitable corporation” or a “ non-charitable corporation” unless it may be formed under any other corporate law of New York State (See Not-for-Profit Corporation Law section 201).
The sale, mortgage or lease for a term exceeding five years of any real property of areligious corporation requires court approval pursuant to N-PCL § 511. (RCL § 12(1)).
Option contracts require court approval at the time the option is exercised . The CharitiesBureau discourages the use of option or other contingent contracts by not-for-profit and religiouscorporations, especially if they may be exercised over a long term.
In preparing to petition for approval of a transaction, the corporation must determine that the proposed consideration is fair and reasonable. To do so, the corporation must secure an independent appraisal of the property that is the subject of the transaction. Although the statute does not explicitly require an appraisal, court decisions have established that fair market value can best be determined by means of an appraisal, and the court and the Attorney General will generally reject the petition if it is not supported by an appraisal. A licensed appraiser who is completely independent of both buyer and seller must do the appraisal. A real estate agent or broker involved in the sale of the property may not do the appraisal. A real estate agent or broker “fair market assessment” of a property is NOT the same as an appraisal.
The N-PCL requires that religious corporations seeking to sell, mortgage, lease for a term of more than five years, exchange or otherwise dispose of its property must seek approval of the Attorney General or the Supreme Court.
Purchase money mortgages (a mortgage taken out at the time of purchase and secured by the new property, as distinguished from mortgaging any property currently owned) are not subject to review by the Attorney General unless the mortgage encumbers other property already owned by the petitioner. Purchase money security agreements and real property acquired as a result of a mortgage foreclosure proceeding or by a deed in lieu of the foreclosure of a mortgage owned by a religious corporation are also not subject to the provisions of N-PCL §§ 510 or 511. RCL §§ 12(1) and § 12(10).
Option contracts require Attorney General or court approval at the time the option is exercised. The Charities Bureau discourages the use of option or other contingent contracts by religious corporations, especially if they may be exercised over a long term.
Non-cash consideration may also include, but is not limited to, anticipated future payments based on a partnership or joint venture interest. The value of any future payments, including ground lease payments, should be analyzed showing the net present value using an appropriate discount rate. Please note that anticipated future payments resulting from a joint venture or partnership arrangement are considered speculative and should not form the basis of a seller’s fair and reasonable consideration analysis.
The use of the proceeds must be consistent with the corporation’s purposes. Proceeds cannot be used for the personal benefit of a director, officer, employee, member or other interested party. All debts, costs and expenses to be paid at closing must be disclosed in the petition with supporting documentation provided as an exhibit.
It generally takes several months to write an opinion. For a variety of reasons, it is often not possible to accurately predict when a particular opinion will be published. The Attorney General’s Office is not in a position to expedite formal legal opinions at this time.
The Attorney General interprets this as permitting opinions to be provided to state-level departments, agencies, boards, and commissions. This does not include local agencies, even when the local agency has been organized under state statutes.
As the chief law officer of the state, the California Attorney General provides legal opinions upon request to designated state and local public officials and government agencies on issues arising in the course of their duties. The formal legal opinions of the Attorney General have been accorded "great respect" and "great weight" by the courts.
The statutes relating to quo warranto actions are in the California Code of Civil Procedure, starting at section 803. “Quo warranto” is Law Latin for “by what authority”—as in, by what authority does this person hold this office? The words “quo warranto” are not in the statutes, but the action is still known by the name it had when it existed as part of the common law.
Government Code section 12519 states that opinions will be provided on "questions of law." Requests that require factual investigations or that would require the resolution of a factual despite are declined. Requests for advice, or for policy determinations, are also declined.