Forming a nonprofit organization can be perfect for people who want to be their own boss and devote their work to charitable causes. A nonprofit is established just like a for-profit enterprise, with the additional step of applying for tax-exempt status with the Internal Revenue Service.

In Virginia, nonprofits must:

- Be registered as either a non-stock corporation or a limited liability company (LLC).

- Register with the Virginia Department of Agriculture and Consumer Services for the ability to raise funds.

- Obtain a local business license, and, if required, register with the Virginia Department of Taxation.

A nonprofit organization becomes tax-exempt (allowing individuals and businesses who donate to the organization to deduct their gifts on their federal tax returns) by filing an application to become classified as a 501(c)(3) organization.

Necessary forms include IRS Form 8718 and IRS Package 1023. For instructions on filling out these forms, read IRS publication 557, Tax-Exempt Status for Your Organization.
All IRS forms can be obtained by calling (800) TAX FORM or downloading them from http://www.irs.gov.

The Business Information Center of the VDBA can e-mail you a step-by-step explanation with live links to numerous resources and all required forms and instructions. Call (866) 248-8814 to request nonprofit instructions or e-mail your request to vbic@vbda.virginia.gov.

Business One-Stop to be unveiled in 2008

Starting a business in Virginia will become easier in early 2008 when the online “Business One-Stop” is introduced.  Entrepreneurs accessing the one-stop site will need to answer only a few simple questions to receive detailed information on the registrations, licenses and permits required.

Debut date of the new “Business One-Stop” will be announced on the Virginia Department of Business Assistance Web site, http://www.vdba.virginia.gov and the Virginia Business

Portal, http://www.business.virginia.gov.

This project also includes the relocation of Saks Fifth Avenue OFF 5TH store and the introduction of buybuy BABY and Christmas Tree Shops.
A third dining option is expected to be announced soon. It will be located in a new plaza on the south side of the property adjacent to Potomac Mills’ main entrance. A courtyard will link the group of restaurants and provide a pedestrian-friendly pathway to the mall.

The new area will be complemented by a major exterior renovation. It will provide a modern new face to the south side of the property when completed by November. The revitalization will include new landscaping, lighting features and updated signage.  Mall officials said construction is expected to begin later this month.

Potomac Mills will undergo another retail revitalization when Saks Fifth Avenue OFF 5TH relocates during the summer of 2013, introducing local shoppers to a new store design.
“Saks Fifth Avenue OFF 5TH has been a proud anchor in the Potomac Mills shopping center for nearly 20 years,“ Robert Wallstrom, president of Saks Fifth Avenue OFF 5TH, said in a statement. “Our new location within the center will allow us to provide customers in the surrounding Washington, D.C., community with our innovative ‘luxury in a loft’ store design, which has set a new standard in outlet shopping.“

Two new anchors, buybuy BABY — which offers a selection of furniture, bedding, clothing and toys for babies, infants, toddlers and children — and Christmas Tree Shops, a retailer of home décor, giftware, housewares, and seasonal products for every time of the year, will join Potomac Mills during fall 2013. These improvements follow the development of the Fashion District at Potomac Mills, a retail mix of designer outlets including a newly expanded Coach Factory Store.

ITT Exelis, which spun off from ITT Corp. in 2011 and established its headquarters at Tysons Corner, was the 10th Fairfax company to crack the magazine’s list of the 500 largest publicly traded companies in the U.S.

According to the EDA, this means Fairfax County has more companies on the 2012 list than 34 states. Fairfax accounted for 50 percent of the 20 listed companies from the Washington, D.C., region and for 41.7 percent of the 24 companies from Virginia on this year’s list.

Fortune based its rankings on annual revenue in 2011. Here’s a list of the Fairfax County companies along with their main industry sectors:

No. 25     Freddie Mac, mortgage securities
No. 92     General Dynamics, defense and aviation
No. 104   Northrop Grumman, defense and security
No. 148   Capital One, financial services
No. 162   CSC, technology consulting and systems integration
No. 245   SAIC, engineering and research
No. 369   NII Holdings, mobile communications services
No. 422   ITT Exelis, defense and security
No. 439   Booz Allen Holding, technology consulting
No. 465   Gannett, publishing and television

“Thirty years ago no Fortune 500 companies were based here, but now 2 percent of the largest companies in the nation are headquartered in one place — Fairfax County,” Gerald L. Gordon, president and CEO of the Fairfax County Economic Development Authority, said in a statement. “This shows not just a rapid growth of the county as a headquarters location but the confidence that major corporations have in the county to provide the kind of business assets they need and the quality of life their employees want.“