Probably the main reason for you to form a nonprofit organization rather than a for-profit entity is the exemption benefits that come with the tax-exempt status.
The AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.
Bylaws are the legally binding rules that outline how the board of a nonprofit will operate. While they are unique to each organization, bylaws generally have a similar structure and use. Because the amendment of this document usually requires a super-majority vote of the board or in a formal membership organization the members may need to approve changes to the bylaws, it is not practical to include all detailed guidelines in this document. A separate set of policies and procedures will clarify further how decisions are made.
