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In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
Religious corporations are permitted to designate a person to act in the capacity of corporation sole. This is a person who acts as the official holder of the title on the property, etc. There are four different forms of religious corporations with regard to their laws and the way they function within government.
[37] [38] A private nonprofit organization, GuideStar, provides information on 501(c)(3) organizations. [39] [40] ProPublica's Nonprofit Explorer provides copies of each organization's Form 990 and, for some organizations, audited financial statements. [41] Open990 is a searchable database of information about organizations over time. [42]
Nonprofit organizations in the United States applying for Federal Tax-Exemption Status are required to adopt bylaws for their organizations. Bylaws for nonprofit organizations by themselves are more of an internal organizing document than required by most states but are necessary for filing for nonprofit 501(c)(3) tax-exemption application ...
A mutual-benefit corporation can be non-profit or not-for-profit in the United States, but it cannot obtain IRS 501(c)(3) non-profit status as a charitable organization. [1] It is distinct in U.S. law from public-benefit nonprofit corporations, and religious corporations. Mutual benefit corporations must still file tax returns and pay income ...
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A corporation sole is a legal entity consisting of a single ("sole") incorporated office, occupied by a single ("sole") natural person. [1] [2] This structure allows corporations (often religious corporations or Commonwealth governments) to pass without interruption from one officeholder to the next, giving positions legal continuity with subsequent officeholders having identical powers and ...
A public-benefit nonprofit corporation [1] is a type of nonprofit corporation chartered by a U.S. state government, and organized primarily or exclusively for social, educational, recreational or charitable purposes by like-minded citizens.
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