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Q: Legal question about not-for-profit companies. ( Answered,   0 Comments )
Question  
Subject: Legal question about not-for-profit companies.
Category: Business and Money
Asked by: tgh-ga
List Price: $2.50
Posted: 10 Sep 2002 00:45 PDT
Expires: 10 Oct 2002 00:45 PDT
Question ID: 63373
Who owns and rules a not-for-profit company - the incorporators?
Answer  
Subject: Re: Legal question about not-for-profit companies.
Answered By: mwalcoff-ga on 10 Sep 2002 01:08 PDT
 
Hello,

The question of who "owns" a nonprofit is difficult to answer. Unlike
a for-profit company, a nonprofit probably does not have shares to
signify ownership. The corporation is an owner, not something being
owned. As Nolo Press explains, "Nonprofits are not actually owned by
anyone." (1)

As for who rules a nonprofit corporation, that question is easier. The
corporation's board has final say over what the corporation does.

See the following links for information on nonprofits and how they
operate:

"Nonprofit Corporations FAQ," Nolo Press
http://www.nolo.com/lawcenter/faqs/detail.cfm/objectid/A6D25766-61E1-4179-8299F2726E320A5A

"The Nonprofit FAQ," Internet Nonprofit Center
http://www.nonprofits.org/npofaq/

Also, your state's secretary of state may have information about
nonprofits and how to form them.

References

(1) "Nonprofit Corporation Basics," Nolo Press
http://www.nolo.com/lawcenter/ency/article.cfm/objectID/91D3BDDE-D91E-4667-951A05E6F14CB1F1/catID/CE94A6B3-EFB6-4036-8498D5414328FD73

Search strategy:

nonprofit faq
://www.google.com/search?sourceid=navclient&q=nonprofit+faq

nonprofit corporations
://www.google.com/search?q=nonprofit+corporations&hl=en&lr=&ie=UTF-8&safe=off&start=30&sa=N
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