Nonprofit Corporation - Definition
A Not-for-Profit Corporation is an entity structure where there are no owners, gives no income (except salaries/ expenses) to members, directors, or officers. This corporation provides for personal liability protection. Management and control is vested in board of directors and/or voting members. It requires more paperwork and research before setting it up. Tax benefits include possible tax exemption from IRS (under specific guidelines).
For more information, please contact the Corporation's Division at (202) 442-4400; option #5, 1100 4th Street, SW, 2nd Floor, Washington, DC 20024.