Nonprofit corporation/Definition: Difference between revisions

Latest revision as of 18:17, 25 September 2020

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A definition or brief description of Nonprofit corporation.

Any of a number of types of corporation recognized by tax authorities as subject to nondistribution constraints.

Revision as of 19:14, 2 December 2009 (view source) imported>Howard C. Berkowitz No edit summary ← Older edit		Latest revision as of 18:17, 25 September 2020 (view source) imported>Pat Palmer (shortening the definition)
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	Any of a number of types of corporation recognized by tax authorities as subject to [[nondistribution constraint]]s. Under U.S. law, corporations are "legal personalities". The largest category of nonprofit corporation in the U.S. are exempt from federal (and state) taxation, donations to which may be tax deductible under Section [[501(c)(3)]] of the IRS Code if they are nonpolitical, or [[501(c)(4)]] if they engage in political activity		Any of a number of types of corporation recognized by tax authorities as subject to [[nondistribution constraint]]s.