Quantum Windbag
Gold Member
- May 9, 2010
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That's the dumbest thing I've seen all week. By your logic, churches are for-profit enterprises. By your logic there's no such thing as a non-profit.
I doubt that many intelligent people would agree with you on that.
Sigh.
Some churches are profit making businesses, or did you think the Baker's got rich through divine intervention. I think every intelligent person would admit that some churches make lots of money, and that the Catholic Church is one of the richest organizations on the planet.
nonprofit corporation n. an organization incorporated under state laws and approved by both the state's Secretary of State and its taxing authority as operating for educational, charitable, social, religious, civic or humanitarian purposes. A nonprofit corporation (also called "not for profit corporation") is formed by incorporators, has a board of directors and officers, but no shareholders. These incorporators, directors and officers may not receive a distribution of (any money from) profits, but officers and management may be paid reasonable salaries for services to the corporation. Upon dissolution of a nonprofit corporation its assets must be distributed to an organization existing for similar purposes under the "cy pres doctrine." In order for contributions to the corporation to be deductible as charitable gifts on federal income taxes, the corporation must submit a detailed application (with a substantial fee) for an Internal Revenue Service ruling that it is established for one of the specific nonprofit purposes spelled out in the Internal Revenue Code. Informational tax returns must be filed annually with the IRS and the state taxing body. In addition, the state Attorney General may have oversight powers to determine if the corporation is abiding by state laws by limiting its activities to its approved nonprofit purposes, and not milking the corporation for disguised profits
nonprofit corporation legal definition of nonprofit corporation. nonprofit corporation synonyms by the Free Online Law Dictionary.
Where in that definition does it say anything about not making money? Non profit simply means that any profit a corporation makes does not go to the owners, it is folded back into the business.