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Timestamp: 2013-05-23 07:44:21
Document Index: 678122446

Matched Legal Cases: ['§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 501', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 317', '§ 302']

Nonprofit Corporations - Chapter 7 - Advising Minnesota Corporations and Other Business Organizations - 2nd Edition
§ 7.02 Profit and Nonprofit Corporations Distinguished
§ 7.03 Trade Associations, Religious Organizations, and Political
Organizations Distinguished
§ 7.04 The Organization of Nonprofit Corporation: Organizational Meeting
§ 7.05 Articles of Incorporation
§ 7.06 Name, Trademarks, and Service Marks
§ 7.07 Amendment of Articles of Incorporation
§ 7.08 Purpose
§ 7.09 Powers
§ 7.10 Bylaws of Nonprofit Corporations
§ 7.11 Directors
§ 7.12 Officers
§ 7.13 Members
§ 7.14 Liability of Nonprofit Officers, Directors, Members, and Agents
§ 7.15 Indemnification
§ 7.16 Dissolution of Nonprofit Corporations
§ 7.17 --Voluntary Dissolution by Incorporators
§ 7.18 --By Board and Voting Members
§ 7.19 Distribution of Assets in Dissolution
§ 7.20 Involuntary Dissolution--Judicial Intervention
§ 7.21 Tax Considerations--Introduction
§ 7.22 --I.R.C. § 501(c)
§ 7.23 Organized and Operated
§ 7.24 Purposes--Religious
§ 7.25 --Charitable
§ 7.26 --Scientific
§ 7.27 --Educational Purposes
§ 7.28 --Social Welfare Organizations
§ 7.29 Procedure
§ 7.30 Nonprofit Corporations in Countries Other Than the United States
The term nonprofit as applied to corporations is somewhat
misleading. A nonprofit corporation does not necessarily mean the
corporation cannot make a profit. The focus is on what the organization
does with the profits. Whereas the business corporation gives the profits
to the shareholders, the nonprofit status requires that no income or profit
is distributed to its members. Instead, the nonprofit uses the “profit” to
further its tax-exempt purpose.
Minnesota statutes define a nonprofit corporation as a corporation
formed for a purpose not involving pecuniary gain to shareholders or
members.1 It cannot pay dividends either directly or indirectly to its
members.2 Generally, a nonprofit corporation has members rather than
shareholders and does not issue stock.3 Thus a nonprofit can be broadly
characterized as having the following three characteristics: (1) the
enterprise is designed as such at its inception; (2) no pecuniary gain
inures to shareholders or members either directly or indirectly; and (3) it
may pursue any lawful activity unless otherwise limited by its articles.4
Despite these distinguishing features, as a general proposition, these
entities are corporations and are governed by the general body of the
corporate laws that govern “for-profit” or business corporations. The
language set forth in Minn. Stat. § 317A, the Minnesota Nonprofit
Corporation Act, for the most part tracks the Minnesota Business
Corporation Act, Minn. Stat. § 302A.5 As a result, much of the case law
and regulatory law attributable to business corporations is likely to be
applied equally to nonprofit corporations. The full extent of overlap has
yet to be configured by statute and by Supreme Court rulings.
� 7.03 Trade Associations, Religious Organizations, and Political�Organizations Distinguished
� 7.17 --Voluntary Dissolution by Incorporators
� 7.18 --By Board and Voting Members
� 7.20 Involuntary Dissolution--Judicial Intervention
� 7.21 Tax Considerations--Introduction
� 7.22 --I.R.C. � 501(c)
� 7.24 Purposes--Religious
� 7.25 --Charitable
� 7.26 --Scientific
� 7.27 --Educational Purposes
� 7.28 --Social Welfare Organizations