A nonprofit corporation is one that is organized for charitable or benevolent purposes. These corporations include certain hospitals, universities, churches, and other religious organizations. A nonprofit entity does not have to be a nonprofit corporation, however. Nonprofit corporations do not have shareholders, but have members or a perpetual board of directors or board of trustees.
The proper form and necessary content of articles or certificates of incorporation for a nonprofit corporation depend largely on the requirements of the state nonprofit corporation act in the state of incorporation. Typically nonprofit corporations have no capital stock and therefore have members, not stockholders. Because federal tax-exempt status will be sought for most nonprofit corporations, the articles or certificate of incorporation must be carefully drafted to include specific language designed to ensure qualification for tax-exempt status.
Example Of Profit And Non Profit Organization
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How to fill out Articles Of Incorporation, Not For Profit Organization, With Tax Provisions?
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How to Fill Out the Form W-9 for Nonprofits Step 1 ? Write your corporation name. ... Step 2 ? Enter your business name. ... Step 3 ? Know your entity type. ... Step 4 ? Your exempt payee code. ... Step 5 ? Give your street address. ... Step 6 ? Give your city, state, and zip code. ... Step 7 ? List account numbers.
Nonprofits serve the public good and include charities and foundations, educational, religious, medical organizations. Not-for-profits serve their members, and all revenue helps run the organization.
Non-profit organizations include churches, public schools, public charities, public clinics and hospitals, amateur sports organizations, political organizations, legal aid societies, volunteer services, organizations, labor unions, professional associations, research institutes, museums, and some governmental agencies.
Local shops, restaurants, and supermarkets can be for-profit organizations, as their purpose for providing their goods and services is to earn a profit. Public and private companies can be for-profit organizations.
501(c)3 ? Religious, charitable, scientific, testing for public safety, literary, educational, fostering national or international amateur sports competitions, preventing cruelty to children or animals. 501(c)3 is the most popular nonprofit type.