Nonprofit 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. If the corporation meets the legal requirements, which vary by jurisdiction, it may seek official recognition as a non-profit corporation. Non-profit corporations are not automatically tax exempt, and many non-profit organizations, such as homeowners' associations, are not eligible to become tax-exempt. However, public charities, churches, and similar non-profit organizations may be taxed differently from for-profit corporations, and treated differently in other ways.