What is a Not-for-Profit Corporation?

A nonprofit corporation is formed specifically to operate with a non-profit approach. This means that profits are distributed back into the corporation instead of to the shareholders. Corporations with not-for-profit status have special tax exemptions, but not all businesses qualify. Contributions to non-profit organizations are only tax-deductible if the org qualifies under IRS Code 502(c)(3). Learn more in our legal guide below.

UPDATED: Jul 21, 2023Fact Checked

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 21, 2023

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UPDATED: Jul 21, 2023

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It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

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