nonprofit corporation
n.
A corporation that does not distribute its income to shareholders or officers as profit and that engages in a purpose such as religion, charity, education, public safety, etc.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


nonprofit corporation
An organization incorporated under state laws and approved by both the state's secretary of state and its taxing authority as operating for educational, charitable, social, religious, civic, or humanitarian purposes. Some nonprofit corporations qualify for a federal tax exemption under Section 501(c)(3) of the Internal Revenue Code, which makes them eligible for certain federal and state tax exemptions and the contributions they receive are tax deductible by the donors.
Category: Nonprofits → Starting a Nonprofit Corporation

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • nonprofit corporation —    An organization that is incorporated under state laws and approved by both the state s Secretary of State and its taxing authority as operating for educational, charitable, social, religious, civic or humanitarian purposes either to benefit… …   Business law dictionary

  • nonprofit corporation — A corporation ordinarily without stockholders, created for or devoted to charitable purposes or supported by charity; a charitable corporation. 18 Am J2d Corp §§ 10, 460 …   Ballentine's law dictionary

  • Mutual-benefit nonprofit corporation — In the United States, a mutual benefit nonprofit corporation or membership corporation is a type of nonprofit corporation chartered by a state government that exists to serve its members. Therefore, it cannot obtain IRS 501(c)(3) non profit… …   Wikipedia

  • Model Nonprofit Corporation Act — The Model Nonprofit Corporation Act (MNCA) is model legislation prepared by the Nonprofit Organizations Committee of the Business Law Section of the American Bar Association [1]. The MNCA is a model set of statutes governing nonprofit… …   Wikipedia

  • Mutual benefit nonprofit corporation — In the United States, a mutual benefit nonprofit corporation or membership corporation is a type of nonprofit corporation chartered by a state government that exists to serve its members. It cannot obtain federal 501(c)(3) non profit status as a… …   Wikipedia

  • Public benefit nonprofit corporation — A Public benefit nonprofit corporation is a type of nonprofit corporation chartered by a state government …   Wikipedia

  • Nonprofit organization — (abbreviated as NPO) is neither a legal or technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends. States in the United States defer to… …   Wikipedia

  • corporation — cor·po·ra·tion /ˌkȯr pə rā shən/ n [Late Latin corporatio, from Latin corporare to form into a body, from corpor corpus body]: an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals… …   Law dictionary

  • nonprofit — adjective altruistic, beneficent, benevolent, charitable, eleemosynary, humanitarian, munificent, philanthropic, public service associated concepts: nonprofit corporation Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • Corporation — This article is about business corporations. For other uses, see Corporation (disambiguation). Corporate redirects here. For the Bollywood film, see Corporate (film). A corporation is created under the laws of a state as a separate legal entity… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”