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A nonprofit corporation exists to pursue charitable, educational, religious, or public benefit missions rather than generating profit for owners.
Nonprofit corporations do not distribute profits to shareholders or owners; instead, they reinvest surplus funds into their mission and activities.
No, a nonprofit corporation must apply for tax-exempt status with the IRS and meet ongoing compliance requirements to maintain it.
A board of directors governs a nonprofit corporation, ensuring legal compliance and adherence to the organization's mission.
Yes, nonprofits can earn revenue through donations, grants, and program services, but profits must support their mission, not individuals.