What Is A Nonprofit Organization?

WHAT IS THE LEGAL FORMATION OF A NONPROFIT ORGANIZATION?  The primary business entity formation for a nonprofit organization is the corporation.  The corporation is a separate legal entity from the people who own, manage, and operate it.  The corporation is composed of a Board of Directors and officers. The Board is responsible for overseeing and supervising the officers and employees of the corporation.  The officers are responsible for the daily operations of the corporation. The directors and officers have limited personal liability for the business debts of the nonprofit organization.  Creditors can only satisfy their debts incurred by the [...]