How is non-profit status transferred from one group to another?
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How is non-profit status transferred from one group to another?
A 501c3 is closing up shop, but we would like to assume the corp & status–how do we do this? We are in CA. Thanks,
Asked on May 28, 2009 under Business Law, California
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I'm pretty sure that while you could buy the name and other assets of the old business, you'd have to set up your own non-profit entity and get your own 501c3 approval. The alternative would be for you and your people to join and take control of the existing non-profit, if you can do so consistently with its organization and purpose.
For detailed advice on the best way to go forward, you need to speak to an attorney in your area who is familiar with non-profit organizations, and give him or her all the information about the old business and your group. One place to find qualified attorneys is our website, http://attorneypages.com
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