Does my business plan qualify as a Tax exempt non profit?

[BusinessHippy]

We are looking to buy land and turn in into a self sustainable farm / village where people can live for free. We want to know if/how we can get a tax exemption status.

[Lexus]

Re: Does my business plan qualify as a Tax exempt non profit?

Nonprofit status is done by the respective state while applying for tax-exempt designation. A nonprofit organization simply is any organization in which all of the money made must go back into the organization. There is no "profit sharing" among members. There are a total of 26 exemptions under the tax code and you might find one of them more appropriate or nothing to be appropriate. Applying for tax exempt status is a fairly long process. The application form (Form 1023 for 501(c)(3) organizations; Form 1024 for others) is approximately huge and difficult to finish. However, it usually takes several months to get tax exempt status.

It is better advised that you may consult with an appropriate Attorney who can give a proper guidance in this regard.

[AFFA]

Re: Does my business plan qualify as a Tax exempt non profit?

I wish to inform you that a tax exempt organization must not be organized or operated for the benefit of private interests. Further, no part of net earnings of a section 501(c)(3) organization may inure to the benefit of any private shareholder or individual.

AFF