___You understand the importance of legal counsel when applying for nonprofit status and tax-exemption ___You understand that nonprofit status is granted by the state, while the federal government grants IRS tax-exemption ___You know the three types of federally recognized nonprofit organizations are a corporation, an unincorporated organization, and a trust ___You understand that becoming a corporation is the most common choice for community organizations, because it is well understood, promotes continuity, and limits personal liability ___You know that 501(c)(3) is the "charitable tax-exemption" ___You understand that it allows exemption from federal corporate and income taxes, and that it allows solicitation of tax-deductible contributions ___You know there are a total of 26 different exemptions for different purposes ___You understand that there are three ways to become tax-exempt: application, automatic recognition, and using a fiscal conduit ___You understand the advantages of nonprofit status ___You understand the advantages of federal tax-exemption ___You understand the disadvantages of nonprofit and tax-exempt status ___You understand when you should (and when you shouldn't) consider applying for such status ___You understand how to apply for nonprofit status ___You understand how to apply for federal tax-exemption ___You know where to find inexpensive assistance
