Before you make a final decision on whether or not to incorporate, you might want to check out some of the threads on the PTA vs. PTO board. Incorporating (as I understand it) shields individual board members from liability which is VERY important. Your principal may not be affected by this liability issue but you will be. You might also want to speak to a lawyer about this issue before filing any paperwork. Good luck!
Thanks for the information. We didn't incorporate because our Principal stated to the Board that it was not necessary and he's never heard of a PTO in our area that has incorporated. I listed all the positives of being incorporated from my "nuts and bolts" section of my PTO Today, but he wouldn't budge. Whatever our Principal says is usually what becomes law in our brand new PTO.
Start with Publication 557 (here: www.irs.gov/pub/irs-pdf/p557.pdf
); that will let you know what you're getting yourself into and tell you the specific form numbers, for the Federal tax exemption. You need to also talk to someone in your state to find out what requirements there are at the state level.
Just out of curiousity, why did you opt not to incorporate??
We are a brand new school. My board has opted not to become Incorporated. We need to file for tax exempt. Does anyone know which form to fill out to become tax exempt only? Please help! :eek:
