16:48
and from my alma mater :')
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LSDefine
Simple English definitions for legal terms
exempt organization
Read a random definition: aisiamentum
A quick definition of exempt organization:
Exempt organization: This is a group that doesn't have to pay taxes to the government. It can be a group that helps people or animals, or does something else that is considered good for the community. Sometimes, they only have to pay some taxes, and sometimes they don't have to pay any at all.
A more thorough explanation:
Definition: An exempt organization is a group or entity that is either partially or fully exempt from paying federal income taxes. These organizations are typically non-profit and serve a specific purpose, such as charitable, religious, educational, or scientific.
Examples:
- A church that is exempt from paying federal income taxes because of its religious affiliation.
- A non-profit organization that provides free medical care to low-income individuals and is exempt from paying federal income taxes.
- A university that is exempt from paying federal income taxes because of its educational purpose.
These examples illustrate how exempt organizations are typically non-profit and serve a specific purpose that benefits society. In exchange for their tax-exempt status, these organizations are subject to certain regulations and restrictions to ensure they are using their resources for their intended purpose.