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An organization in which no owner, stockholder or trustee shares in profits and losses, and which exists not to earn revenue but to promote a mission that enhances the public welfare. These organizations are often eligible for tax-exempt status and some, but not all, can receive tax-deductible contributions.
agreed with all. here ..............
A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive.
Requires the availability of the following qualities in an organization so that we can say as a non-profit organization:
1. that is available to the Organization official and institutional form which has always attribute to some extent, and therefore excludes the temporary gatherings and non-institutional category of non-profit organizations.
2. The aim of the organization is not behind its activities to make a profit, so the definition excludes the organization that distributes its profits to its founders or board members. Does not detract from their status as a non-profit organization investing in the business profitable, as long as the objective of this investment is the development of its financial resources to help them achieve their goals non-profit that I found her.
3. Do not be a government organization, which is structurally related to the government not pursued administratively, but must be self-management of the organization from the inside track. But can a non-profit organization to receive a financial or technical support from the government without prejudice to as non-governmental
These actors had to prepare accounts and financial statements in accordance with the rules and practices generally accepted professional, or according to the rules and accounting standards applicable
Agreed with colleagues answers
The only issue with NPOs are that it is vulnerable to money laundering activities hence treated as high risk accounts. In some countries, these organisations need recognition from the ministry of social / cultural affairs and banks have to conduct Enhance due diligence and keep monitoring their activities closely.
An organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends.
A crucial difference between starting a nonprofit vs. a for-profit is that you're creating an asset you will never own. A nonprofit essentially belongs to the community, so you will never be able to sell it. If it goes bust, its assets will be distributed to other nonprofits
Associations, charities, cooperatives, and other voluntary organizations formed to further cultural, educational, religious, professional, or public service objectives. Their startup funding is provided by their members, trustees, or others who do not expect repayment, and who do not share in the organization's profits or losses which are retained or absorbed. Approved, incorporated, or registered NPOs are usually granted tax exemptions, and contributions to them are often tax deductible. Most non governmental organizations (NGOs) are NPOs. Also called not for profit organization.
Wikipedia says : "A nonprofit organization (NPO, also known as a non-business entity[1]) is an organization that uses its surplus revenues to further achieve its purpose or mission, rather than distributing its surplus income to the organization's directors (or equivalents) as profit or dividends."
So it is an organization sets fro a proper goal in which none of the parties involve seek for a profit. Its budget comes from contributions or some auctions or some works which are paid just for keeping the organization on the flow. Meanwhile in many countries cause of the high tax rates people set the NPO but act as normal business organization. It's just a matter of "tax declaration" :)
