Forming a Nonprofit Entity in Virginia

This course, presented by Pantea Stevenson, a Shareholder at Bean, Kinney & Korman, explores the formation and governing documents of a Virginia Nonprofit. To qualify for tax exempt status, nonprofit entities must contend with both federal and state requirements, and grapple with the default laws under Virginia’s Nonstock Corporation Act. The program, which will focus mainly on 501(c)(3) entities, will explore requirements in the articles of incorporation, bylaws,1023 & 1023EZ applications, and other documentation required for procurement of nonprofit status. It will also cover IRS required restrictions, board of director elections, meeting requirements, fiduciary duties and dissolution, and will provide practical drafting tips.

Learning Objectives:

1. Discuss governance requirements
2. Review the default laws for nonprofit entities under Virginia’s Nonstock Corporation Act
3. Consider typical provisions in bylaws and articles of incorporation and when to apply them
4. Gain practical guidance for drafting nonprofit bylaws