Legal Question in Business Law in New York
corporation law
what is the difference between not for profit corporations and non profit corportations?
Asked on 12/01/00, 12:49 pm
2 Answers from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: corporation law
No difference.
Answered on 12/04/00, 8:52 am
Norman Nadel
Norman Nadel, Esq.
Re: corporation law
A not for profit corporation is designed for charitable activities like hospitals, schools, etc. which are not run to produce a profit but provide some social good. These corporations do not pay an income tax on revenue related to their activities.
The for profit corporation is designed to conduct a profit making business and is subject to the payment of income tax.
Answered on 12/04/00, 9:09 am
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