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Non-Stock and Non-Profit Corporations: What’s the Difference?

By Matthew Dochnal September 28, 2022
Man leaning on a question mark.

The terms “non-stock” corporation and “non-profit” have become almost interchangeable, however, this is not correct. “Non-stock corporation” refers to a type of legal entity filed with the Secretary of State. A “non-profit” organization refers to a non-stock corporation that has obtained a tax determination letter from the IRS. Here we sort through these two loaded […]

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Can I Form a Non-Profit LLC, 501c3?

By IncNow May 23, 2022
B Corp

Philanthropists often ask if an LLC can be a non-profit. What they are referring to is the 501c3 tax-exemption status. 501c3 status is a coveted designation because it exempts a company from federal, sales, and property taxes. These exemptions are crucial to the function of non-profit organizations.  IRS regulations do not allow LLCs to be […]

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