Question

Jan and Dean decided to form a charitable organization, I Love Rock N Rollers, to provide funding to assist former rock and roll group members who have become homeless. They are planning to hold a "mini-Woodstock" event to raise money, with music by groups from the ‘60s and ‘70s. The event will offer food and beverages and the sale of memorabilia related to the event. Before they go any further, Jan and Dean need to

Answer 1

Answer:

They need to file articles of incorporation with the State. They also need to obtain a document provided by the IRS, called EIN. In addition, they must make a request that allows them to request contributions to a charitable activity, in addition to requesting 501 (c) (3) status from the IRS.

Explanation:

A charity is an initiative that represents an institution that has expenses, income and other elements resulting from its activities. For this reason, before setting up one, it is necessary to make some requests and issue some documents in government agencies, which guarantee that the institution's operation is legal within the country.

In the case shown above, Jan and Dean must file the articles of incorporation with the State. They also need to obtain a document provided by the IRS, called EIN. In addition, they must make a request that allows them to request contributions to a charitable activity, in addition to requesting 501 (c) (3) status from the IRS.