Nonprofit corporation

{
  "id": "MLC-T-LAW-003456",
  "term": "Nonprofit corporation",
  "field": "Law",
  "definition": "A corporation organized under state law whose purpose is not to earn profit for owners, and which cannot distribute net earnings to members, directors or officers. It is organized for charitable, educational, religious, scientific, social or trade purposes, and surplus revenue stays in the organization. State incorporation does not by itself confer tax exemption, which requires recognition by the IRS, typically as a 501(c)(3) organization for charities.",
  "url": "https://mlchart.com/terminology/law/nonprofit-corporation/"
}