Nonprofit Organizations Law
Nonprofit Organizations refers to entities that use their donations and revenues to achieve its mission and goals rather than distribute profits in the form of profit sharing or dividend payments. The United States Internal Revenue Code Section 501(c) defines the rules and requirements for when the IRS deems an organization eligible for not for profit status and beneficial tax treatment. The purposes of nonprofit organizations include charitable, educational, literary, religious, scientific, public safety , promotion of amateur sporting activities and prevention of cruelty to children or animals.
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