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Simple English definitions for legal terms
charitable corporation
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A quick definition of charitable corporation:
A charitable corporation is a type of organization that is set up to help others. It is a special kind of company that is allowed to do good things without having to pay taxes. Charitable corporations can be set up for many different reasons, like to help people who are sick, to protect animals, or to support education. They cannot use their money to help just one person or family, and they cannot get involved in politics. Charitable corporations are also called charities or 501(c)(3) organizations.
A more thorough explanation:
A charitable corporation is a type of corporation that is organized and operated for charitable purposes. Charitable corporations are eligible for tax-exempt status and are subject to certain regulations and requirements.
- 501(c)(3) organization: A nonprofit organization that is organized and operated exclusively for religious, scientific, literary, educational, athletic, public-safety, or community-service purposes, and does not distribute earnings for the benefit of private individuals, or participate in political campaigns or substantial lobbying.
- Charitable gift: A donation made to a charitable organization for the purpose of supporting its charitable activities.
- Charitable deduction: A tax deduction that allows taxpayers to deduct charitable contributions from their taxable income.
These examples illustrate the definition of a charitable corporation by showing different aspects of its operations and benefits. A 501(c)(3) organization is a specific type of charitable corporation that is eligible for tax-exempt status. Charitable gifts are a way for individuals to support charitable organizations, while charitable deductions provide a tax benefit for those who make such donations.