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Unlike for-profit corporations that benefit from broad and general purposes, non-profit organizations need to be limited in powers to function with tax-exempt status, but a non-profit corporation is by default not limited in powers until it specifically limits itself in the articles of incorporation or nonprofit corporate bylaws.
A not-for-profit or non-for-profit organization (NFPO) is a legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives. [ 1 ] [ 2 ] While not-for-profit organizations and non-profit organizations (NPO) are distinct legal entities, the terms are sometimes used interchangeably. [ 3 ]
The cemetery may restrict burials and cremations to a certain group of people, such as impoverished people, people adherent to a certain religion, or people who lived in a certain community, as long as it still serves a broad class of people and operates for public purposes, but a 501(c)(13) organization may not enforce overly restrictive ...
A non-governmental organization (NGO) is an independent, typically nonprofit organization that operates outside government control. NGOs often focus on humanitarian or social issues but can also include clubs and associations offering services to members. Some NGOs, like the World Economic Forum, may also
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.
Logo of the United Nations Children's Fund (UNICEF), an organization of the United Nations. A nonprofit organization (NPO), also known as a nonbusiness entity, [1] nonprofit institution, [2] or simply a nonprofit, [a] is a legal entity organized and operated for a collective, public or social benefit, as opposed to an entity that operates as a business aiming to generate a profit for its owners.
Vereniging ≈ association. Can run a business, but may not distribute profit among its members. vve (Vereniging van Eigenaars) ≈ Homeowner association; Mts (Maatschap): ≈ group practice (of professionals, e.g. doctors, accountants, lawyers); share facilities not profits, members are treated as natural persons for tax and liability purposes.
This could be a tool of political control or intimidation, and also a way of protecting the economy from fraud. [citation needed] In many such jurisdictions, only a registered association (an incorporated body) is a juristic person whose members are not responsible for the financial acts of the association. Any group of persons may, of course ...