Nonprofit corporation/Definition: Difference between revisions
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imported>Roger A. Lohmann (Add def.) |
imported>Roger A. Lohmann (Add def.) |
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Any of a number of | 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 corporations exempt from federal (and state) taxation, donations to which may be tax deductible under Section 501(c)3 of the IRS Code. | ||
Revision as of 15:57, 30 September 2007
Any of a number of types of corporation recognized by tax authorities as subject to nondistribution constraints. Under U.S. law, corporations are "legal personalities". The largest category of nonprofit corporation in the U.S. are corporations exempt from federal (and state) taxation, donations to which may be tax deductible under Section 501(c)3 of the IRS Code.