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It sets out the requirements for formation, membership, governance, financial reporting, and dissolution of associations. Nonprofit organizations are required to register with the local authorities to obtain legal recognition and must comply with reporting obligations as stipulated by the law. [2]
In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
On October 25, 2001, the Texas Supreme Court amended its 1981 order establishing the College of the State Bar (Misc. Docket No. 01-9180) and directed it to pursue incorporation under the Texas Non-Profit Corporation Act. As a qualifying non-profit corporation, the College applied for and received Section 501(c)(3) tax-exempt status under the ...
The Model Nonprofit Corporation Act (MNCA) is a model act prepared by the Nonprofit Organizations Committee of the Business Law Section of the American Bar Association. [1] The MNCA is a model set of statutes governing nonprofit corporations proposed for adoption by state legislatures.
A mutual-benefit nonprofit corporation or membership corporation, in the United States, is a type of nonprofit corporation chartered by a state government that exists to serve its members in ways other than obtaining and distributing profits to them. Therefore, it cannot obtain IRS 501(c)(3) non-profit status as a charitable organization. [4] [5]
Inc. (Incorporated): restricted to non-profit associations; Ltd. (Limited): ≈ plc (UK). The suffix Ltd. may also be used by a private company limited by guarantee, such as a charity or university (these may obtain dispensation from the Registrar of Companies to operate without the suffix).
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