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LSDefine

Simple English definitions for legal terms

non-profit corporation

Read a random definition: Economic Development Administration

A quick definition of non-profit corporation:

A non-profit corporation is a type of organization that is approved by the state to operate for educational, charitable, social, religious, civic, or humanitarian purposes. It is formed by a group of people called incorporators, who appoint a board of directors and officers to run the organization. Unlike a regular corporation, a non-profit corporation does not have shareholders who receive profits. Instead, any money earned is used to further the organization's mission. The people who work for the organization, such as the officers and management, may receive reasonable salaries for their services. When a non-profit corporation is dissolved, its assets must be given to another organization with similar goals. To be recognized as a non-profit corporation by the government, the organization must apply for a special status and file annual tax returns. The government also has the power to make sure the organization is following the rules and not using its resources for personal gain.

A more thorough explanation:

A non-profit corporation is an organization that is approved by the state's Secretary of State and taxing authority to operate for educational, charitable, social, religious, civic, or humanitarian purposes. It is formed by incorporators, has a board of directors and officers, but no shareholders. The purpose of a non-profit corporation is to serve the community and not to make a profit.

  • A charity that provides food and shelter to the homeless
  • A school that provides education to underprivileged children
  • A religious organization that provides spiritual guidance and support to its members
  • A community center that provides recreational activities and services to the community

These examples illustrate the definition of a non-profit corporation because they are all organizations that operate for a specific purpose that benefits the community. They do not have shareholders and any profits made are used to further their mission rather than being distributed to individuals.

In order to be recognized as a non-profit corporation, the organization must apply for approval from the state and the IRS. They must also file annual tax returns and ensure that they are abiding by state laws and regulations.

non-feasance | non-suit

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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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