Dictionary of Legal Terms

Nonprofit Corporation

A legal structure that is not formed for its members' financial gain or profit, but for the benefit of an organization's members or for a public purpose. The net earnings of a nonprofit corporation are not distributed to its board members, directors, officers or other private persons. A nonprofit must follow the specific guidelines set forth in Section501(c) of the Internal Revenue Code of 1986 to obtain an exemption from federal and state income taxes.




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This dictionary was developed by the Ohio State Bar Association with funding from the Ohio State Bar Foundation. The information contained in this dictionary is general and should not be applied to specific legal problems without first consulting your own attorney.

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