LIST OF ITEMS REQUIRED TO FORMALLY INCORPORATE LIBERAL DEMOCRATS OVERSEAS IN THE UNITED STATES
1. Employer Identification Number - TO BE CHANGED
As part of early attempts to form a corporate structure, a previous treasurer applied for an EIN (a tax identification number registered with the IRS) in September 2020. Unfortunately, this EIN was for a small for-profit business and the treasurer was instructed by the IRS to file a 1120POL form by April 2021. This was not done. As a result, I have acted to inform the IRS that this EIN is invalid and has never been used and asked that it be closed with immediate effect.
While we have now received a new EIN for a non-profit social club, we have been told by a non-profit tax specialist that we should switch to a non-tax-exempt non-profit company. We will need to update our EIN as a result.
2. File incorporation papers with New York State.
We must next file with the department of state, division of corporations in New York. State guidance and forms are available here: https://dos.ny.gov/certificate-incorporation-domestic-not-profit-corporations-0. We have been urged to pay the extra $25 for 24-hour expedited handling, as otherwise, the process can take 7-8 months.
3. Register under the Foreign Agents Registration Act.
Given the Liberal Democrats Overseas is representing a non-US political party, we have been urged to register under the Foreign Agents Registration Act here: https://www.justice.gov/nsd-fara
1. File a form 1120 (Federal corporate tax return) with the IRS.
2. File a CT-3 (NYS Franchise tax return) and an NYC-2 (NYC corporation tax return) with the New York revenue services.
Required: Donations, which will be the only source of funding, will require a regulatory document to ensure the board votes on and spends according to our constitutional aims.