An exempt organization is a type of entity that is exempt from federal income tax under the Internal Revenue Code (IRC) based on its purpose and organizational structure. These organizations are commonly known as nonprofits or not-for-profits.
A for-profit corporation is a business entity established with the primary goal of earning profit for its shareholders. Unlike non-profit organizations, for-profit corporations operate to generate financial returns for their owners.
A Not-For-Profit Organization, also known as a nonprofit, is an organization in which no stockholder or trustee shares in profits or losses. These organizations usually exist to accomplish charitable, humanitarian, or educational purposes.
A not-for-profit organization (NFP) is an entity formed for purposes other than generating a profit and where no part of the organization's income is distributed to its members, directors, or officers.
Public Benefit Entity (PBE) refers to a type of not-for-profit organization that exists primarily for social, educational, charitable, or other public benefits rather than for profit generation. These entities are driven by goals that focus on public good.
A Qualified Organization is a term primarily used in tax law to denote entities that meet specific regulatory criteria and are eligible for certain tax exemptions and privileges.
A tax-exempt social club is organized for pleasure, recreation, and other nonprofitable purposes where substantially all activities are for such purposes. None of the net earnings benefit any private shareholders.
