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Simple English definitions for legal terms

nonprofit corporation

Read a random definition: Automated Bond System

A quick definition of nonprofit corporation:

A nonprofit corporation is a type of organization that is created to do good things for the community, not to make money. Each state has its own rules for how nonprofit corporations are set up and run. Nonprofit organizations can have many different purposes, like helping people who are poor, teaching people new things, or supporting religious groups. There are different types of nonprofit corporations, like ones that help the public, ones that help their own members, and ones that are religious. Nonprofit corporations can also get special tax breaks from the government if they meet certain requirements.

A more thorough explanation:

A nonprofit corporation is a type of legal entity that is created under state laws to operate for purposes other than making profits. This means that the organization is not focused on making money for its owners or shareholders, but rather on achieving a specific mission or goal that benefits the community.

Nonprofit organizations can have a wide range of purposes, such as:

  • Relieving poverty
  • Advancing education
  • Promoting health
  • Supporting religious or spiritual activities
  • Advocating for social or political causes

Nonprofit corporations are governed by state laws, which can vary depending on the state. Some states have adopted a model law developed by the American Bar Association, while others follow for-profit business laws.

There are different types of nonprofit corporations, including:

  • Public Benefit Corporations: These are formed for public or charitable purposes and cannot benefit any private person.
  • Mutual Benefit Corporations: These are formed to benefit their own members, such as private clubs or homeowners' associations.
  • Religious Corporations: These are formed for religious purposes.

Nonprofit corporations can qualify for tax-exempt status under section 501(c)(3) of the Internal Revenue Code. This means that they do not have to pay federal income taxes on their earnings, and donors can receive tax deductions for their contributions.

For example, a nonprofit corporation called "Habitat for Humanity" is dedicated to building affordable housing for low-income families. Another nonprofit called "Doctors Without Borders" provides medical care to people in crisis situations around the world. Both of these organizations are focused on achieving a specific mission that benefits the community, rather than making profits for their owners or shareholders.

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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