NONPROFIT CORPORATION

A corporation that allows the formation of an entity whose primary purpose is not for profit making but to share the benefits with its members or the public. Nonprofit corporation may make a profit through operations although not as its primary purpose. The profits must be used for the benefit of the people or the purpose for which the corporation was created to help. If a non-profit dissolves with remaining assets, those assets go to the same people or purpose for whom the entity was created to benefit, not the members of the board. Directors of nonprofit corporations do not have personal liability for the debts of the corporation. Some nonprofit corporations qualify for a federal tax exemption under