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.

The new Virginia listings are the result of two headquarters relocations, a merger and a spinoff.

The largest of the new Virginia companies is Northrop Grumman (No. 104), a worldwide defense and aerospace company that moved from Los Angeles to Falls Church last year.

Alpha Natural Resources (356) is a coal producer and equipment and road repair construction provider based in Bristol that merged with Massey Energy last year.

ITT. Exelis (422) is an aerospace and defense company spun off from the White Plains, N.Y.-based ITT Corp. last year.

Alliant Techsystems (491) moved its headquarters from Minneapolis to Arlington in 2011.

Virginia’s Fortune 100 businesses had 720,289 employees and $353.4 billion in total revenues. All 20 of the Virginia businesses on the 2011 list were included again this year.

At the top of the Virginia list, Freddie Mac (25, based in Mclean) is a government-sponsored enterprise that works to expand secondary mortgages. General Dynamics (92, Falls Church) is a global defense and aerospace company.

Capital One Financial (148, McLean) is a bank holding and credit card company founded in Richmond. AES (151, Arlington) is a power company that operates generation and utility businesses worldwide. Altria Group (256, Richmond) is one of the biggest tobacco corporations in the world.

Computer Sciences Corp.  (162, Falls Church) is an information technology and services provider. Dominion Resources (187, Richmond) is a power and energy company providing Virginia and North Carolina with electricity.

Smithfield Foods (218, Smithfield) is the largest pork producer and processor worldwide. Norfolk Southern (241, Norfolk) is a railroad company.
SAIC (245, McLean) is a scientific, engineering, technical solutions and systems integration services provider. Genworth Financial (258, Richmond) is an insurance company. CarMax (279), also headquartered in Richmond, is the world’s largest retailer in used cars.
Owens & Minor (298, Mechanicsville) is a medical and surgical supplies distributor. NII Holdings (369, Reston) provides mobile communication services to Latin American consumers and businesses. Dollar Tree (373, Chesapeake) is a discount store chain.
Amerigroup (385, Virginia Beach) is a managed-care health insurance company. Advance Auto Parts (392, Roanoke) is an automotive part retailer. MeadWestvaco (406, Richmond) is a packing solutions company.
Closing out the list, Booz Allen Hamilton Holding (439, McLean) provides management consulting and technology integration services to United States government agencies. Gannett (465, McLean) is a media holding company.

Nonetheless, the April jobless rate is the lowest it has been in more than three years and is down six tenths of a percentage point from the same month in 2011.

The Virginia Employment Commission says seasonally adjusted unemployment rate has been trending down since the peak rate of 7.3 percent in January 2010.

The national jobless rate is 8.1 percent.

The seasonally adjusted unemployment rate takes into account seasonal factors that affect employment.

Virginia’s unadjusted unemployment rate declined three tenths of a percentage point (0.3) in April to 5.4 percent and
was four tenths of a percentage point (0.4) below the April 2011 rate.

The number of Virginians receiving a regular unemployment benefit payment was 49,748 in April
2012, which was down from 61,237 in March 2012 and down from 55,412 in April 2011.

Cumulative initial claims for April 2012 totaled 28,107, compared to 28,851 in March 2012 and 32,845 in April 2011.

Nonfarm payroll employment increased by 23,400 jobs in April to 3.72 million jobs.

From March to April, eight major industry divisions experienced employment gains, two experienced employment
losses, and mining employment was unchanged.

The leisure and hospitality industry again experienced the largest job gain. Springtime events, tours, and staffing at theme parks and recreational
facilities boosted employment by 13,600 jobs to 355,300.

The average 30-year fixed mortgage rate was 3.79 percent, down from 3.83 percent last week. A year ago, the average rate was 4.61 percent, according to Freddie Mac’s weekly survey.

The average 15-year, fixed-rate mortgage rate also hit a new low of 3.04 percent, down from 3.05 percent last week. A year ago this week, the average 15-year rate was 3.8 percent.

“The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week,” Frank Nothaft, vice president and chief economist for Freddie Mac, said in a statement. “For instance, industrial production rose 1.1 percent in April—the largest gain since December 2010—and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan.”

For the three months ending April 21, the auto parts retailer had sales of $1.96 billion, up from $1.9 billion during the first quarter last year.

Diluted earnings per share were $1.79 during the most recent quarter, up from $1.35 the year before.

Comparable-store sales rose 2.1 percent during the first quarter in 2012, an increase from 1.4 percent in 2011.

Operating income percentage increased to 11.5 percent from 9.8 percent the year before.

“We are pleased with our overall performance during our first quarter despite a meaningful slowdown in our sales
trends in the month of April.” Darren R. Jackson, president and CEO, said in a statement. “Our second-quarter sales trends remain
challenging despite the positive long-term industry fundamentals. We remain committed to executing our key
priorities while making adjustments to these short term sales trends.”

During the first quarter, the company opened 25 stores, including three Autopart International stores, and closed
five Autopart International stores.

On April 21,Advance Auto had 3,682 stores including 200 Autopart International stores.

On May 14, 2012, the board of directors authorized a $500 million share repurchase program. This replaces a $300 million share repurchase program authorized in August, which had $200 million remaining.