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​This commodity is excerpted from Chapter 23 of The SHRM Essential Guide to Application Law: A Handbook for HR Professionals, Managers, Businesses, and Organizations (SHRM, 2018), accounting by Charles H. Fleischer, Esq. 

A archetypal business association is formed by shareholders who advance their basic in the business with the apprehension of earning a accumulation in the anatomy of assets or on the after auction of their stock. Shareholders authority ultimate ability over the association by electing admiral and by chief issues that are axiological to the corporation’s existence, such as whether to change the company’s basic anatomy or to absorb with addition company. The directors, in turn, administer the aggregation by ambience ample behavior and appointing and administering accumulated officers.

A nonprofit organization, on the added hand, is not formed to accomplish a profit. Typically, it is a association organized beneath appropriate accoutrement of accompaniment law that prohibit arising of shares and the acquittal of dividends. Nonprofit organizations accordingly accept no shareholders, and they do not administer balance to owners. (Nonprofit organizations may accept associates who accept admiral or trustees, but the associates do not own the organization. In fact, cipher owns a nonprofit.)

Although not organized to accomplish a profit, nonprofit organizations are not appropriate to accomplish at a loss. The point actuality is that any surplus of revenues over costs charge be retained or activated to nonprofit purposes and cannot be broadcast to associates of the nonprofit.

The appellation nonprofit is generally acclimated synonymously with tax-exempt. The two concepts, admitting related, are distinct. Nonprofit refers to the organization’s purposes as bidding in its accessories of assimilation and as absolute by accompaniment law. Tax-exempt, on the added hand, agency that the organization’s net balance are not accountable to assets tax. All tax-exempt organizations charge be nonprofit, but aloof because an alignment is nonprofit does not necessarily beggarly it qualifies for a tax exemption. Of course, the acumen why an article organizes as a nonprofit is usually to access tax-exempt status.

Section 5019(c) of the Internal Revenue Code contains a continued account of agreement beneath which organizations can authorize for tax-exempt status, including the following:

To accomplish tax-exempt status, a nonprofit alignment charge abide an appliance to the Internal Revenue Service (IRS). If the IRS is annoyed that the alignment is organized and is actuality operated for one of the absolved purposes listed on the Internal Revenue Code, it issues a assurance letter to that effect. Absolution from accompaniment assets taxes can usually be acquired on the base of the IRS assurance letter.

Another acumen that is generally blurred has to do with the deductibility of contributions. While a tax-exempt alignment pays no assets tax, it does not necessarily chase that contributions to the alignment authorize for a accommodating deduction. Deductibility of contributions to 501(c)(3) organizations are absolute by S170 of the Internal Revenue Code. Payments to added types of nonprofit organizations, such as business leagues, may authorize as barter or business costs beneath S162 of the Internal Revenue Code.

With few exceptions, federal and accompaniment application laws administer to nonprofits to the aforementioned admeasurement that they administer to for-profit businesses. For example, nonprofits charge abstain taxes from agent salaries, they charge accommodate workers’ compensation, they cannot discriminate (except in bound affairs involving religious organizations), and they charge accommodate safe workplaces.

Charles H. Fleischer, Esq., is accepted to convenance law in Maryland and the District of Columbia and to the Bar of the United States Supreme Court and is a affiliate of the law close Oppenheimer, Fleischer, and Quiggle, P.C., of Bethesda, Maryland. He is additionally a affiliate of the Montgomery County and Maryland Accompaniment Bar Associations, the Barristers (inactive), and the Montgomery County Inns of Court (emeritus).

Please appointment the SHRMStore to adjustment a archetype of The SHRM Essential Guide to Application Law: A Handbook for HR Professionals, Managers, Businesses, and Organizations by Charles H. Fleischer, Esq. 

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