What is a Nonprofit?
A nonprofit organization is created to fulfill a charitable, civic, religious, scientific, literary, or educational goal. Nonprofits do not have private owners, nor do they issue stock or pay dividends to shareholders. Aside from founders or staff being compensated a fair wage for their work in a nonprofit, the organization may not benefit individual stakeholders financially.
There are 35 types of nonprofits recognized by the United States federal tax code. Some nonprofits are either fully or partially tax-exempt, meaning they do not have to pay certain taxes. Also, some types […]