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Pima Arizona Form 1023: What You Should Know

May 20 — The annual fees of 500 are due on the day you register. You can register for an LLC using the 1023 form instead of the 1040. Packet 1024 — Transfer to Arizona Packet 1023: Transfer of an Active, Qualified Arizona Nonprofit Corporation to an Arizona Corporation On this Form, an active nonprofit corporation is one that: • Is exempt from federal income tax; • Has no employees not compensated through personal services, except for one individual with an official title; and • Is not controlled by any individual, partnership, limited liability company, or corporation. The transferor's net assets (assets minus total liabilities) are less than 200,000 at the close of any tax year for which it is considered the transferor.  The transferor does not hold any assets or property of the transferee as a creditor or under any judgment or lien.  The transferor does not receive or retain any income, interest, capital gains, net earnings or losses, or any amount from the property of the transferee that was received or accumulated by the transferee.  When a transferor transfers a qualified nonprofit corporation to a qualified nonprofit corporation that is an affiliate of the transferor, (not an unrelated person) each transferor must give to the parent of the new corporation at or within 30 days of a transfer: • The name of the new corporation (this includes the corporate name and the names of the members and officers). This is known as a “P.O. Box” filing. • A copy of the articles of incorporation (if any). Note. If the transferor is a sole proprietor or a partnership, no P.O. Box must be provided to the parent, unless the partnership applies to change its status from active to inactive by filing Articles of Change.  The transferor must also give the IRS 30 days notice of the transfer. If not provided, the transfer will be void. The transferee's federal income tax return (in any return) is required as a condition of acceptance for membership and participation in any of the activities of the new entity. The transferee's federal income tax return must be filed within the 30-day period after the end of tax year as recorded by the IRS. This is known as an “active date.”  Note.

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