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United States Non-profit Laws
United States non-profit laws relate to taxation, the special problems of an organization which does not have profit as its primary motivation, and prevention of charitable fraud. Some non-profit organizations can broadly be described as "charities" — like the American Red Cross. Some are strictly for the private benefit of the members — like country clubs, or condominium associations. Others fall somewhere in between — like labor unions, chambers of commerce, or cooperative electric companies. Each presents unique legal issues. Taxation If an organization is to qualify for tax exempt status, the organization's (a) ''charter'' — if a ''not-for-profit corporation'' — or (b) '' trust instrument'' — if a trust — or (c) ''articles of association'' — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals). As well the organization must have a legal, charitable purpose, i. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the recipient admits a limited (or inferior) status within the relationship, and it is within that sense that charters were historically granted, and it is that sense which is retained in modern usage of the term. In early medieval Britain, charters transferred land from donors to recipients. The word entered the English language from the Old French ', via -4; we might wonder whether there's a point at which it's appropriate to talk of the beginnings of French, that is, when it wa ... ', via Latin ', and ultimately from Ancient Greek">Greek (', meaning "layer of papyrus"). It has come to be synonymous with a document that sets out a grant of rights or privileges. Other usages The term is used for a special case (or as an exception) of an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vicarious Liability
Vicarious liability is a form of a strict, secondary liability that arises under the common law doctrine of agency, '' respondeat superior'', the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability, or duty to control" the activities of a violator. It can be distinguished from contributory liability, another form of secondary liability, which is rooted in the tort theory of enterprise liability because, unlike contributory infringement, knowledge is not an element of vicarious liability. The law has developed the view that some relationships by their nature require the person who engages others to accept responsibility for the wrongdoing of those others. The most important such relationship for practical purposes is that of employer and employee. Employers' liability Employers are vicariously liable, under the '' respondeat superior'' doctrine, for negligent acts or omi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Taxonomy Of Exempt Entities
The National Taxonomy of Exempt Entities (NTEE) is a used by the Internal Revenue Service (IRS) and NCCS to classify U.S. tax-exempt organizations. A specialist from the IRS assigns an NTEE code to each organization exempt under I.R.C. § 501(a) as part of the process of closing a case when the organization is recognized as tax-exempt. For more information and more detailed definitions of these codes developed by the National Center for Charitable Statistics (NCCS), visit the Urban Institute. The NTEE classification system was developed by the National Center for Charitable Statistics. The IRS classifies nonprofit organizations A nonprofit organization (NPO), also known as a nonbusiness entity, nonprofit institution, not-for-profit organization, or simply a nonprofit, is a non-governmental (private) legal entity organized and operated for a collective, public, or so ... using this system. References Non-profit organizations based in the United States Industry classific ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principal–agent Problem
The principal–agent problem refers to the conflict in interests and priorities that arises when one person or entity (the " agent") takes actions on behalf of another person or entity (the " principal"). The problem worsens when there is a greater discrepancy of interests and information between the principal and agent, as well as when the principal lacks the means to punish the agent. The deviation from the principal's interest by the agent is called " agency costs".''Pay Without Performance'', Lucian Bebchuk and Jesse Fried, Harvard University Press 2004preface and introduction) Common examples of this relationship include corporate management (agent) and shareholders (principal), elected officials (agent) and citizens (principal), or brokers (agent) and markets (buyers and sellers, principals). In all these cases, the principal has to be concerned with whether the agent is acting in the best interest of the principal. Principal-agent models typically either examine moral ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Governance
Corporate governance refers to the mechanisms, processes, practices, and relations by which corporations are controlled and operated by their boards of directors, managers, shareholders, and stakeholders. Definitions "Corporate governance" may be defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, corporate law law, or management) often adopt narrow definitions that appear purpose specific. Writers concerned with regulatory policy in relation to corporate governance practices often use broader structural descriptions. A broad (meta) definition that encompasses many adopted definitions is "Corporate governance describes the processes, structures, and mechanisms that influence the control and direction of corporations." This meta definition accommodates both the narrow definitions used in specific contexts and the broader descriptions that are often presented as au ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Religious Freedom Restoration Act
The Religious Freedom Restoration Act of 1993, Pub. L. No. 103-141, 107 Stat. 1488 (November 16, 1993), codified at through (also known as RFRA, pronounced "rifra"), is a 1993 United States federal law that "ensures that interests in religious freedom in the United States, religious freedom are protected." The Bill (proposed law), bill was introduced by Congressman Chuck Schumer (Democratic Party (United States), D–New York (state), NY) on March 11, 1993. A companion bill was introduced in the Senate by Ted Kennedy (Democratic Party (United States), D-Massachusetts, MA) the same day. A unanimous U.S. House and a nearly unanimous U.S. Senate—three senators voted against passage—passed the bill, and President Bill Clinton signed it into law. The law was passed in response to the Supreme Court of the United States, United States Supreme Court's 1990 decision in ''Employment Division v. Smith'', which held that "neutral laws of general applicability" that burden the free ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Workers Compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The trade-off between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain.” One of the problems that the compensation bargain solved is the problem of employers becoming insolvent as a result of high damage awards. The system of collective liability was created to prevent that and thus to ensure security of compensation to the workers. While plans differ among jurisdictions, provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minimum Wage
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. List of countries by minimum wage, Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by Automation, automating job functions. Minimum wage policies can vary significantly between countries or even within a country, with different regions, sectors, or age groups having their own minimum wage rates. These variations are often influenced by factors such as the cost of living, regional economic conditions, and industry-specific factors. The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liability Insurance
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common '' peril'' formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third-party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiduciary Duty
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (legal person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice, or protection is sought in some matter... In such a relation, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Not-for-profit Corporation
A nonprofit corporation is any legal entity which has been incorporated under the law of its jurisdiction for purposes other than making profits for its owners or shareholders. Depending on the laws of the jurisdiction, a nonprofit corporation may seek official recognition as such, and may be taxed differently from for-profit corporations, and treated differently in other ways. Public-benefit nonprofit corporations A public-benefit nonprofit corporation is a type of nonprofit corporation chartered by a state government, and organized primarily or exclusively for social, educational, recreational or charitable purposes by like-minded citizens. Public-benefit nonprofit corporations are distinct in the law from mutual-benefit nonprofit corporations in that they are organized for the general public benefit, rather than for the interest of its members. They are also distinct in the law from religious corporations. Religious corporation A religious corporation is a non ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Amendment To The United States Constitution
The First Amendment (Amendment I) to the United States Constitution prevents Federal government of the United States, Congress from making laws respecting an Establishment Clause, establishment of religion; prohibiting the Free Exercise Clause, free exercise of religion; or abridging the Freedom of speech in the United States, freedom of speech, the Freedom of the press in the United States, freedom of the press, the freedom of assembly, or the Right to petition in the United States, right to petition the government for redress of grievances. It was adopted on December 15, 1791, as one of the ten amendments that constitute the United States Bill of Rights, Bill of Rights. In the original draft of the Bill of Rights, what is now the First Amendment occupied third place. The first two articles were not ratified by the states, so the article on disestablishment and free speech ended up being first. The Bill of Rights was proposed to assuage Anti-Federalism, Anti-Federalist oppo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
