What is a non profit non stock corporation
No, a nonprofit corporation is not a C corporation. Nonprofit corporations are regulated under Section 501(c) of the Internal Revenue Code. Unlike C corporations, the purpose of nonprofit corporations is not to make profits for the owners. Instead, nonprofits are formed for charitable, literary, scientific, religious, and other activities. Non-profit status may make an organization eligible for certain benefits, such as state sales, property, and income tax exemptions; however, this corporate status does not automatically grant exemption from federal income tax. To be tax exempt, most organizations must apply for recognition A non-profit corporation, also referred to as a "not for profit" corporation, is a corporation that does not engage in a commercial or business enterprise for financial gain. Nevertheless, such a corporation may make incidental income or profit and thereby acquire a surplus or incidental reserves in carrying out