In Oklahoma, non-profit organizations must follow several regulations to ensure compliance with state and federal laws.
Non-profits must register with the Oklahoma Secretary of State before soliciting donations. This includes both in-state and out-of-state organizations1.Corporate Governance: Non-profits are governed by the Oklahoma General Corporation Act, which includes provisions for the formation, operation, and dissolution of non-profit corporations.
Non-profits must draft bylaws that outline the organization's rules and procedures and must have Board of Directors: Non-profits must have a board of directors, and there are specific requirements for the election and terms of directors.
Non-profits must have policies in place to handle conflicts of interest among board members and officers.
Non-profits must maintain accurate financial records and may be required to submit annual reports to the state. To be recognized as a charitable organization by the IRS, non-profits must apply for and obtain 501(c)(3) status .And no donations can be accepted as a non-proft until all legal requirements have been met and established.
Sseveral factors that can disqualify you from starting a non-profit in Oklahoma:, including:
Illegal Activities: Engaging in illegal activities or promoting illegal behavior is a major disqualifier.
Personal Gain: Non-profits must operate for public benefit, not for the personal gain of individuals involved.
Lack of Distinct Purpose: The organization must have a clear and distinct charitable purpose.
Failure to Comply with Regulations: Not adhering to state and federal regulations, such as failing to register with the Oklahoma Secretary of State or not obtaining 501(c)(3) status, can disqualify you.
Conflict of Interest: Not having policies to manage conflicts of interest among board members and officers can be problematic.
It's important to ensure that your non-profit adheres to all legal requirements and operates with transparency and integrity. Consulting with a legal professional can help you navigate these regulations and avoid potential disqualifications.
Starting a non-profit in Oklahoma involves several key steps. Here's a brief overview:
Select a Name: Your organization's name must comply with both federal and state naming requirements. It should include words like "Company," "Corporation," "Foundation," etc.1
Nominate a Registered Agent: This individual will accept legal documents on behalf of your non-profit.
Form a Board of Directors: The initial board is installed during the formation meeting.
Obtain an Employer Identification Number (EIN): This is a 9-digit number assigned by the IRS.
Incorporate in Oklahoma: File the Articles of Incorporation with the Oklahoma Secretary of State.
Draft Bylaws: These are the rules governing your organization.
Apply for 501(c)(3) Status: This federal tax exemption allows your non-profit to be recognized as a charitable organization.
Failure to adhere to these rules and regulation can result in the involuntary dissolution of any organization operating or engaging in charitable pursuits.
