What is a Nonprofit Corporation - 501c3 Status

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A nonprofit corporation can be a great way to help groups of people or organizations that may otherwise may be struggling. The term nonprofit gets thrown around a lot, but what exactly is a nonprofit and how do they work? In this video we will go over what a nonprofit organization is and how they differ from other business structures.

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What is a Nonprofit Corporation:
0:00 Intro
0:26 The purpose of a nonprofit
1:15 bylaws
1:35 Directors and Officers
2:24 Tax Exempt
2:50 Misconception One - Nonprofits are only run by volunteers
3:19 Misconception Two - Nonprofits may not make a profit
3:53 Do you need to form a nonprofit?
5:21 Summary

🤷‍♂️ Need more information on what a nonprofit is? Read our What is a 501(c)(3) Nonprofit guide:
https://nonprofitquest.com/what-is-a-501c3

📜 Bylaw guides and templates:
https://nonprofitquest.com/how-to-write-bylaws-nonprofit

🎫 Learn more about How to Name a Nonprofit, both to make it a memorable brand name and to keep it compliant with your state's naming guidelines:
https://nonprofitquest.com/how-to-name-a-nonprofit

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💸 How to apply for 501(c)(3) Tax Exemptions:
https://nonprofitquest.com

Other Useful Nonprofit Resources:
🗂 What Records Do You Need to Keep as a 501(c)(3) Nonprofit:
https://nonprofitquest.com
🏛 What is an EIN?
https://howtostartanllc.com/what-is-an-ein
💼 Business Name Search:
https://howtostartanllc.com/llc-name-search

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🔥 At TRUiC we are dedicated to providing the most useful information for small business owners, and would love to see your feedback in the comments on what other information you need to help follow your entrepreneurial dreams.