Dictionary of Legal Terms
A nonprofit organization (NPO) formed to carry out a charitable, educational, religious or similar purpose. Such an NPO doesn't pay federal or state corporate income taxes on profits it makes from activities related to the purpose of the organization. This is because the taxing authorities believe that the public derives such great benefit from the activities of these corporations that the tax laws should not prejudice their work. For the same reason, gifts to many NPOs-called 501(c)(3) corporations-are tax-deductible to the givers. See corporation.
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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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