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A corporation may: (1) pay compensation in a reasonable amount to the members, directors, or officers of the corporation for services provided; (2) confer benefits on the corporation's members in conformity with the corporation's purposes;
Many, but not all, non-profit organizations choose to incorporate. A nonprofit corporation is created by filing a certificate of formation with the secretary of state in accordance with the Texas Business Organizations Code ("BOC").
The provisions of the Texas Non-Profit Corporation Act are repealed on January 1, 2010. On and after January 1, 2010, a Texas nonprofit corporation will be subject to and governed by chapters 20 and 22 of title 2 and the provisions of title 1 to the extent applicable to nonprofit corporations.
(59) "Nonprofit corporation" means a corporation governed as a nonprofit corporation under Chapter 22. (60) "Nonprofit entity" means an entity that is a nonprofit corporation, nonprofit association, or other entity that is organized solely for one or more of the purposes specified by Section 2.002 .
The Texas Business Organizations Code (BOC) has replaced the following statutes: Texas Business Corporation Act. Texas Non-Profit Corporation Act. Texas Professional Corporation Act. Texas Professional Association Act. Texas Miscellaneous Corporation Laws Act. Texas Revised Partnership Act.
Texas Statutes Title 2, Corporations; Chapter 22, Nonprofit Corporations. Refreshed: 2023-07-23.
Overview — Nonprofit Entities in Texas. Nonprofit corporations in the State of Texas are governed by the Texas Business Organizations Code (“TBOC”). The TBOC defines a nonprofit corporation as a corporation for which no part of the income is distributable to its members, directors, or officers.
Nonprofit Corporations. A corporation formed for the purpose of operating a nonprofit institution, including an institution devoted to a charitable, benevolent, religious, patriotic, civic, cultural, missionary, educational, scientific, social, fraternal, athletic, or aesthetic purpose, may be formed and governed only as a nonprofit corporation ...
First, you need to form a nonprofit corporation under Texas state law (the Texas Business Organizations Code ("BOC"). 1. Choose the initial directors for your nonprofit. In Texas, you must have at least three directors on your board (unless your nonprofit is managed by members instead of directors).
Nonprofit corporations in Texas are governed by Chapter 22 of the TBOC, as well as certain other of the hub provisions of the TBOC. Generally speaking, the purposes for which a nonprofit corporation may be formed are quite broad potentially encompassing organizations that would not qualify for federal tax exemption.