- 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. Amy Hackney Blackwell. 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. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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