Not for Profit Corporation
A Not for Profit Corporation is a corporation that is set up for specific purposes (typically charity, religion, science, etc), and is not designed to be profitable. It is governed under 501(c)(3) of the Internet Revenue Code.
Non Profit Corporations offer the same advantages of a for profit corporation, but allows most of the business to be run as a not for profit.
Laws differ by state, but all organizations must file with the IRS to obtain tax-exempt status..
What's the point of Incorporation/LLC, anyway?
With so many lawsuits in America these days, it's imperative that you create a corporate veil that will provide you with several benefits:
- No Personal Liability
- Professional Appearance
- Easy to Obtain Business Credit
- Better tax options