Definition - What does Nonprofit Corporation mean?
A nonprofit corporation is a corporation that gives its profits to the public, a group of individuals or the membership of the nonprofit. Although the corporation doesn't keep its profits, employees of the nonprofit still draw fair salaries. To be official, a nonprofit corporation must be incorporated under state laws.
Justipedia explains Nonprofit Corporation
Nonprofit corporations are usually exempt from taxes because their aim is to help society. Charities, religious organizations and other organizations designed to benefit the public are common examples of nonprofit corporations. Nonprofit corporations differ from regular corporations in that their goal is not to simply make money, but to help humanity in some way. Nonprofit corporations do not have shareholders; however, they usually have a board of directors and officers.
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