District of Columbia Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment
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FAQ
Shareholders invest in a corporation by buying its stock and receive economic benefits in return. Shareholders are not involved in the day-to-day management of business operations, but they have the right to elect representatives (directors) and to receive information material to investment and voting decisions.
A nonprofit corporation is an organization formed to serve the public good, such as for charitable, religious, educational, or other public service reasons, rather than purely for the creation of profit itself, as businesses aim to do.
Every business in D.C., including nonprofit organizations, must have a Basic Business License. You must first complete the prerequisites for the license, including registration with the Office of Tax and Revenue. You may submit your application online or submit a paper application.
The new statutes provide for email notifications, updated electronic meeting rules, and other changes to reflect current best practices in our sector. Most nonprofits don't have to do anything at all. The new law helps to set defaults and standards that many nonprofits have already put in place.
General Information. A Not-for-Profit Corporation is a special type of corporation where there are no owners. A Not-for-Profit gives no income, except salaries/ expenses, to members, directors, or officers. This corporation provides for personal liability protection.
The D.C. Nonprofit Corporation Act of 2010 (the ?Nonprofit Code?) overhauled laws regarding the formation and operation of nonprofits organized under D.C. law. It was the first substantial change to the D.C. Nonprofit Code since 1962. The new law became effective January 1, 2012.
