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Simple English definitions for legal terms

nonprofit corporation

Read a random definition: headnote

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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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