Ever heard of a company that does business without gaining profits? It may sound absurd, but some institutions, organizations, or even corporations care to do that. These corporations are also among the most active when it comes to communitarian activities, supporting social sectors, and other charitable acts that are deemed unnatural to doing business. All … Read more
When it comes to non-profit corporations, most people think that they are exempted from paying taxes. However, this is not actually the case, and they have to pay taxes just like other operating businesses. The only difference is that the taxes they pay differ, depending on the corporation’s status. Moreover, even if they are exempted … Read more
Non-profit organizations, also known as NGOs, are bodies that do not function with any government. They are usually run by individuals either on a national, international, or community level. These NGOs have their different specializations and areas of interest, but their goal is usually the same which is to promote humanitarian causes. In general, there … Read more
The nonprofit sector greatly benefits different fields of society and strives to make the world a better place. However, before you start a nonprofit corporation, you need to create bylaws. In fact, bylaws are a requirement in most states for nonprofits to incorporate. Nonprofit bylaws are necessary to increase the level of transparency, accountability, and … Read more
A common misunderstanding is that nonprofit corporations and 501(c)(3) are the same. Although they are usually used interchangeably, these two words have precise meanings that set them apart. Typically, a 501(c)(3) is a type of nonprofit corporation that has been exempted from tax by the IRS. However, this does not mean that all nonprofit corporations … Read more
