I am going to work within a non-profit organization in BC Canada. So I want to know more about it.
What is a Non-Profit Corporation?
A non-profit corporation is a legal entity separate from its members and directors formed for purposes other than generating a profit to be distributed to its members, directors or officers. While a non-profit corporation can earn a profit, the profit must be used to further the goals of the corporation rather than to pay dividends to its membership. Non-profit corporations are formed pursuant to federal or provincial law. A non-profit corporation can be a church or church association, school, charity, medical provider, activity clubs, volunteer services organization, professional association, research institute, museum, or in some cases a sports association. Non-profit corporations must apply for charitable status to benefit from tax-exempt status and to issue tax-deductible receipts to donors.
Non-profit corporations are distinct from business corporations that are formed to make a profit and to distribute the profit to their shareholders. Business corporations are regulated by either federal or provincial laws.