What are non-profit corporation laws?

Answer by  LASH (142)

Non-profit corporations are exempt from paying taxes, and thus must show that they deserve tax free status under the law.

Answer by  tamarawilhite (17883)

Non-profit corporations only receive funding from donations and limited sales. They cannot post a profit or sell stock. They must meet a socially beneficial mission and help the community. They do not pay income taxes, but their employees do. They must have reasonable administrative costs compared to fund raising and have proof in an audit of helping the community.

Answer by  mammakat (11147)

There are many laws, state and federal, most usually 501 statutes that regulate the proper conduct of a non-profit within federal and state law, and insuring proper tax status.