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Sure, but also that doesn’t contradict the nature of a non-profits as corporations with a private ownership structure. Non-profit is the colloquialism for a cor
by SllX 3y ago
Sure, but also that doesn’t contradict the nature of a non-profits as corporations with a private ownership structure. Non-profit is the colloquialism for a corporation with a certain status per a statute that grants the corporation some tax exemptions in exchange for their ability to return a profit. The corporation receives a benefit for this status and is subject to stricter accounting rules, but is still a private corporation in and of itself.
- skissane 3y ago> Non-profit is the colloquialism for a corporation with a certain status per a statute that grants the corporation some tax exemptions in exchange for their ability to return a profit Not all non-profits are corporations–many non-profits are trusts, and legally speaking trusts are not corporations (although it is not uncommon for them to own corporations, or to have corporations as their trustees–or even beneficiaries). Many small non-profits are unincorporated associations. Nonprofit versus for-profit status is an orthogonal dimension from corporate vs non-corporate legal structure. Also, "non-profit" isn't a "colloquialism", it is an official legal term in several jurisdictions: for example, 37 US states have (at least partly) adopted the American Bar Association's "Model Nonprofit Corporation Act" [0]. And it isn't just an official legal term in the US, see section 48 of the Australian state of Victoria's Payroll Tax Act 2007, entitled "Non-profit organisations" [1] [0] https://en.wikipedia.org/wiki/Model_Nonprofit_Corporation_Act https://en.wikipedia.org/wiki/Model_Nonprofit_Corporation_Ac... [1] https://austlii.edu.au/cgi-bin/viewdoc/au/legis/vic/consol_act/pta2007155/s48.html https://austlii.edu.au/cgi-bin/viewdoc/au/legis/vic/consol_a...