- non-profit corporation
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n.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. A non-profit corporation (also called "not for profit corporation") is formed by incorporators, has a board of directors and officers, but no shareholders. These incorporators, directors and officers may not receive a distribution of (any money from) profits, but officers and management may be paid reasonable salaries for services to the corporation. Upon dissolution of a nonprofit corporation its assets must be distributed to an organization existing for similar purposes under the "cy pres doctrine." In order for contributions to the corporation to be deductible as charitable gifts on federal income taxes, the corporation must submit a detailed application (with a substantial fee) for an Internal Revenue Service ruling that it is established for one of the specific nonprofit purposes spelled out in the Internal Revenue Code. Informational tax returns must be filed annually with the IRS and the state taxing body. In addition, the state Attorney General may have oversight powers to determine if the corporation is abiding by state laws by limiting its activities to its approved non-profit purposes and not milking the corporation for disguised profits.
Law dictionary. EdwART. 2013.
non-profit corporation
Look at other dictionaries:
non-profit corporation — A corporation no part of the income of which is distributable to its members, directors or officers. Corporation organized for other than profit making purposes. Corporations may be organized under the Revised Model Non Profit Corporation Act… … Black's law dictionary
non-profit corporation — A corporation no part of the income of which is distributable to its members, directors or officers. Corporation organized for other than profit making purposes. Corporations may be organized under the Revised Model Non Profit Corporation Act… … Black's law dictionary
non-profit corporation — company or institution that is not for the purpose of earning money … English contemporary dictionary
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non-profit association — A group organized for purposes other than generating profit, such as a charitable, scientific, or literary organization. See also non profit corporation … Black's law dictionary
non-profit association — A group organized for purposes other than generating profit, such as a charitable, scientific, or literary organization. See also non profit corporation … Black's law dictionary
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For-profit corporation — A for profit corporation is a corporation that is intended to operate a business which will return a profit to the owners. A for profit corporation, depending on the jurisdiction to which it is incorporated, may be operated either as a stock… … Wikipedia
