Non Profit Corporations are formed for the purpose other than generating a profit, and in which no part of the organization’s income is distributed to its directors of officers.
The IRS recognizes many different types of non profit corporations including:
– Church Association
– Medical Provider
– Legal AID Society
– Volunteer Service Organization
– Professional Association
– Research Institute
– Sport Association
Being formed with the state as a non-profit corporation does not automatically provide tax-exempt status. Once formed, it must apply for tax-exempt status with the IRS and, in come cases the state.