Virginia Business Blog Roll

Forming a nonprofit

2008-02-01T04:01:00-05:00

Forming a nonprofit

Forming a nonprofit organization can be perfect for people who want to be their own boss and devote their work to charitable causes. A nonprofit is established just like a for-profit enterprise, with the additional step of applying for tax-exempt status with the Internal Revenue Service.

In Virginia, nonprofits must:

- Be registered as either a non-stock corporation or a limited liability company (LLC).

- Register with the Virginia Department of Agriculture and Consumer Services for the ability to raise funds.

- Obtain a local business license, and, if required, register with the Virginia Department of Taxation.

A nonprofit organization becomes tax-exempt (allowing individuals and businesses who donate to the organization to deduct their gifts on their federal tax returns) by filing an application to become classified as a 501(c)(3) organization.

Necessary forms include IRS Form 8718 and IRS Package 1023. For instructions on filling out these forms, read IRS publication 557, Tax-Exempt Status for Your Organization.
All IRS forms can be obtained by calling (800) TAX FORM or downloading them from http://www.irs.gov.

The Business Information Center of the VDBA can e-mail you a step-by-step explanation with live links to numerous resources and all required forms and instructions. Call (866) 248-8814 to request nonprofit instructions or e-mail your request to vbic@vbda.virginia.gov.

Business One-Stop to be unveiled in 2008

Starting a business in Virginia will become easier in early 2008 when the online “Business One-Stop” is introduced. Entrepreneurs accessing the one-stop site will need to answer only a few simple questions to receive detailed information on the registrations, licenses and permits required.

Debut date of the new “Business One-Stop” will be announced on the Virginia Department of Business Assistance Web site, http://www.vdba.virginia.gov and the Virginia Business

Portal, http://www.business.virginia.gov.

Amazon tax bill passes Va. Senate

2012-02-10T11:02:10-05:00

With little discussion, the Virginia Senate today overwhelmingly approved legislation to close a tax loophole that enables online retailers such as Amazon.com to avoid collecting state sales taxes.

N.C. House panel meets to review death penalty, race

2012-02-10T10:56:48-05:00

By Gary D. Robertson RALEIGH, N.C. The first meeting by a General Assembly committee examining death penalty cases and racial bias in North Carolina again shows sharp differences about whether changes to the Racial Justice Act are needed.

Property rights bill clears Va. House panel

2012-02-10T10:51:56-05:00

By Bob Lewis RICHMOND An amendment to Virginia's Constitution that would make it harder for governments to take private land is on its way to a House floor vote and, most likely, November's ballot for voters to have their say. The measure cleared the House Privileges and Elections Committee on an 18-3 vote.

Legislature shelves bill allowing guns in airports

2012-02-10T09:24:51-05:00

A proposal to allow people to carry guns and other weapons into Virginia airport terminals has been postponed until next year.

Gov. Bob McDonnell to give weekly Republican address Saturday

2012-02-10T09:01:34-05:00

"Bob McDonnell has compiled an outstanding record as governor of the Commonwealth of Virginia, and I'm pleased to announce that he will deliver the Republican Weekly Address on Saturday," said Sen. Mitch McConnell

Kaine suggests compromise on birth control rule for religious groups

2012-02-10T08:46:31-05:00

As the White House prepares to alter its rule requiring religious institutions to pay for contraception for their employees, former Virginia governor Timothy M. Kaine is proposing his own compromise on the controversial issue. Read full article >>

McDonnell tapped to give national address

2012-02-10T08:34:34-05:00

Gov. Bob McDonnell has been tapped by national Republican leaders to deliver the weekly Republican address — commonly known as the response to the president’s radio address — on Saturday. “Bob McDonnell has compiled an outstanding record as governor of the Commonwealth of Virginia,” Senate Republican Leader Mitch McConnell said. “He’s kept taxes low, regulation and litigation to a minimum and invested wisely for Virginia’s future in economic development, education and transportation.” Read full article >>

Air travel tickets up 10 percent in January

2012-02-10T09:28:33-05:00

The value of airline travel booked through travel agents rose 10.7 percent in January, according to Arlington-based ARC, a financial settlement firm serving the travel industry.

The value of January 2012 ticket sales was $7.3 billion, compared with $6.6 billion in 2011 and $5.9 billion in 2010, according to ARC.

Ticket transactions were up 3.2 percent over January 2011, and 5.4 percent above January 2010.

Va. House panel OKs private-school tuition tax credits

2012-02-10T06:45:21-05:00

RICHMOND A legislative proposal offering private-school tuition tax credits to corporations has begun advancing through the Virginia House of Delegates. Del. Jimmie Massie’s bill, HB321, was approved 4-1 by a House subcommittee this morning.