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.
New York Articles of Incorporation, Not for Profit Organization, with Tax Provisions
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How to fill out Articles Of Incorporation, Not For Profit Organization, With Tax Provisions?
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FAQ
New York Business Corporation Law section 1301(a)l provides: "A foreign corporation shall not do business in this state until it has been authorized to do so as provided in this article."2 The qualification 3 requirement of section 1301 is strictly limited to foreign corporations organized for profit.
621 - Books and Records; Right of Inspection; Prima Facie Evidence. (a) Except as otherwise provided herein, every corporation shall keep, at the office of the corporation, correct and complete books and records of account and... 622 - Infant Members.
§ 404. Approvals, notices and consents. (a) Every certificate of incorporation which includes among its purposes the formation of a trade or business association shall have endorsed thereon or annexed thereto the consent of the attorney-general.
Nonprofit bylaws are legally required in New York. In NY § 405 of Chapter 35 NPC for New York legal statutes, it says that nonprofits must hold an organizational meeting at the beginning of their tenure for ?for the purpose of adopting by-laws?, among other things.
Section 102 of the Not-for-Profit Corporation Law. The purpose(s) for which the corporation is formed is: any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a charitable corporation.
Corporations may be incorporated or reincorporated under this section as not-for-profit local development corporations operated for the exclusively charitable or public purposes of relieving and reducing unemployment, promoting and providing for additional and maximum employment, bettering and maintaining job ...
Third, Section 301 of the Business Corporation Law prohibits or restricts the use of certain words and phrases in the name of the corporation. Generally, the name of a corporation may not include a word or phrase restricted by another statute unless the conditions of the restriction have been complied with.
