NONPROFIT CORPORATION
\nˌɒnpɹˈɒfɪt kˌɔːpəɹˈe͡ɪʃən], \nˌɒnpɹˈɒfɪt kˌɔːpəɹˈeɪʃən], \n_ˌɒ_n_p_ɹ_ˈɒ_f_ɪ_t k_ˌɔː_p_ə_ɹ_ˈeɪ_ʃ_ə_n]\
Definitions of NONPROFIT CORPORATION
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A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under § 501 (c) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.
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Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).