Non-Profit Corporation Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Non-Profit Corporation, written in plain English, along with examples of how it is used.

What is Non-Profit Corporation?

It refers to those organizations which are formed with the permission from the state and tax authorities to perform activities within organisation for certain cause like, education, hospital, religious purpose or charitable, with non commercial services. The directors or trustees of such organization do not wrk for profit and they are paid reasonable salaries for their services.They are also given the tax free status.