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How do I set up a checking account for a non profit charity?
I run a non profit, we've been using square for a while, and I'd like to transfer our checking account to Square to consolidate things. However, I'm stuck on the step where I select the entity type; the only options are:
- S corporation
- C corporation
- LLC
- Partnership
- Public Company
Which option do I select for my non profit, as we're none of these?
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@thetworivers "501(c)(3) , are organizations that are “corporations, funds or foundations that operate for religious, charitable, scientific, literary or educational purposes.”
Here is the article from square:
https://squareup.com/help/us/en/article/6397-use-square-as-a-nonprofit
But basically, you need to check with your tax professional. Your entity status could be very different depending on how you are set up. In TN where I am, you can be a non profit as an LLC. S corps are probably not appropriate for non-profit just by definition.
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