Non-profit organizations are subject to certain state and local regulations regarding taxes, payroll and other 501 restrictions. Once you have obtained 501 status, you should take steps to ensure that your records and taxes comply with the IRS guidelines and requirements. This includes inkind donation the submission of Form 990 during the tax season, the preparation and observance of the organization’s charter, and, if necessary, the documentation of regular board meetings. However, all companies, whether “for-profit” or not, must solve a problem and create value for others. The obvious tax advantages of a non-profit organization are contrasted with the flexibility granted to for-profit organizations that have the influence to raise…