The Nonprofit Corporation

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Attributes of a Nonprofit Corporation:

• Nonprofit Corporation Number of Owners Required:

• A Nonprofit Corporation can have a minimum of one (1) founder in most states. A Nonprofit Corporation does not have an individual Owner.

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• Management of a Nonprofit Corporation:

• The Nonprofit Corporation is typically managed by its "Directors". A Nonprofit Corporation can have a minimum of one (1) Director in most states. The Directors appoint the Corporation's Officers. The Nonprofit Corporation can have any amount of Officers, but is usually required to have the following Officers: President, Secretary and Treasurer. The Nonprofit Corporation can also have a Chief Executive Officer and Chief Finanacial Officer, Vice President(s) and any other Officer positions created by the Board of Directors.

• The Nonprofit Corporation's daily activities are usually managed by its "President, Secretary and Treasurer." The same person can usually act as the President, Secretary and Treasurer. A person can be a Director without being the President, Secretary or Treasure. Likewise, a President, Secretary and Treasurer can be appointed to manage the Nonprofit Corporation without being a Director.

Protection of Personal Assets:

A Nonprofit Corporation offers protection to the Officers and Director's personal assets, but the assets of the Nonprofit Corporation are owned solely by the Nonprofit. In the event the Nonprofit stops doing business, the assets will go to another Nonprofit Corporation.

The key features and benefits of a Nonprofit Corporation are:

►NONPROFIT Corporations can have a minimum of 1 founder

►Directors and Officers of a NONPROFIT Corporation are not typically held personally responsible for Company debts and obligations

►NONPROFIT Corporations may apply for Federal IRS and State tax-exempt status

►NONPROFIT Corporations may be eligible to receive public and private grants

►Donations made to NONPROFIT Corporations may be tax deductable making fundraising easier than entities that do not have nonprofit status