A nonprofit corporation generally denotes an incorporated association or foundation established under Article 34 of the Civil Code. The main requirements for a nonprofit corporation are: first, it performs operations related to the public interest, or benefit for many and unspecified people; second, it does not aim at making profits and third, it has to obtain the permission of the competent authorities, etc. The article provides that such a corporation can conduct operations related to festivals, religion, charity, science, the arts, or other activities. Labor unions, cooperatives and other organizations situated between joint-stock and private companies based on the Commercial Code and the Private Company Law and nonprofit corporations based on the Civil Code are not operated for the public interest. They are incorporated under specific laws, such as the Labor Union Law and the Cooperation Association Law. Existing laws, however, make no provision in general for the incorporation of nonprofit organizations operated in the interest of specific people.
Legal entity authorized by state law allowing people to unite for the purpose of either benefiting members of an organization or for some other public benefit. Nonprofit corporations can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. Remaining assets must be distributed to another nonprofit, not to board members, upon dissolution of a non-profit organization. Nonprofit corporations usually qualify for a federal tax exemption under § 501(c)(3) of the Internal Revenue Code, with the result that all contributions to the nonprofit are tax deductible by their donors.
(Not-for-profit corporation) A nonprofit corporation is generally organized for some socially beneficial purpose, rather than for the direct monetary benefit of the shareholders or members. Not all nonprofit corporations are tax-exempt, and some make a profit; however, the profit is not distributed to the owners. To receive tax-exempt status, the corporation must submit a written application to the federal and state tax agencies and meet certain requirements relating to the distribution of its assets and profits as well as other requirements. To learn more about nonprofit corporations, click here.
A corporation organized solely for charitable, educational, humanitarian, or other such limited purposes and not as a profit-making business. A major advantage of a qualified nonprofit corporation is exemption from income taxes; however, it is liable for other taxes to the extent the corporation has income-yielding property or operations. Also known as not-for-profit corporation.
a charitable trust, and it is on this basis of holding charitably given money in trust that the AG has statutory standing to police charitable trusts in court actions
a corporation formed for a purpose not involving monetary gain and paying no dividends to its members
a corporation formed for purposes other than generating a profit and in which no part of the organization's income is distributed to its directors or officers
a corporation formed to carry out a charitable, educational, educational, religious, literary or scientific purpose
a corporation organized for purposes other than generating profit
a corporation that is formed for purposes other than generating profit
a corporation that is formed pursuant to a different state law Group to form association for Wal-Mart staff - washingtonpost
a corporation that is formed pursuant to a different state law than a standard for-profit corporation
a corporation whose income is exempt from taxation in many cases
a formal organization of people committed to a particular purpose
an organization formed as a corporation for
a special type of corporation with its own body of law
A Corporation organized for some charitable, civic, or religious purpose that does not generate profits for its shareholders. Must apply for non-taxable status with the State and Federal Government.
A corporation which is not intended to operate for profit, but rather is barred by law from making a profit. Not to be confused with a "charitable corporation," which is a special kind of nonprofit corporation.
People come together to either benefit members of an organization or for some public purpose. Nonprofit corporations can make a profit, but the business cannot be designed primarily for profit making purposes, and the profits must be used for the benefit of the organization or purpose that inspired the corporation.
An entity recognized as a legal "perspon" that is set up to run an operation in which none of the profits are distributed to controlling members