Can a nonprofit be owned or organized by an individual?
A nonprofit may be organized by an individual, but a board of directors will be required to receive tax exempt status from the federal government. However, a nonprofit may not be owned by an individual. Nonprofits are not owned by anyone; the board of directors carries the legal and fiduciary responsibility for the entity and is responsible to the public for assuring legal operations. The minimum number of board members is set by state statute. Arizona requires five board members. Nonprofits do not need to be incorporated to receive tax exempt status from the IRS, but it is usually recommended. (See the FAQ: Risk Management) They will, however, need a board of directors. Nonprofits do not need to be incorporated to receive tax exempt status from the IRS, but it is usually recommended. (See the FAQ: Risk Management) They will, however, need a board of directors.
