Nonprofits for Novices - Answers to 89 Nonprofit FAQ's

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NONPROFITS FOR NOVICES
Robert R. Thompson & Gerald R. Thompson

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Answers to 89 Nonprofit FAQ'S:

What is a corporation?
What is a nonprofit corporation?
What is the key difference between a nonprofit corporation and a for-profit business corporation?
May a nonprofit corporation earn profits?
Must a nonprofit corporation distribute its "profits" each year?
Who owns a nonprofit corporation?
May a nonprofit corporation receive contributions from donors?
Who controls a nonprofit corporation?
Who can incorporate a nonprofit corporation?
Who are the incorporators?
How is a nonprofit corporation incorporated?
What are the disadvantages to incorporating a nonprofit?
May a nonprofit corporation be organized on a stock basis?
If incorporated on a stock basis, are the stockholders the owners of the nonprofit corporation?
What are "Articles of Incorporation?"
May a nonprofit corporation be incorporated without an attorney?
Where can I obtain nonprofit incorporation forms?
What state should I incorporate in?
Can I incorporate in one state and operate in another state?
Must a nonprofit corporation file annual returns on a state level?
May a nonprofit corporation conduct business under an assumed name?
When should an assumed name be used?
What should be done as soon as the nonprofit is incorporated?
What action should be taken at the organizational meeting?
Should minutes be taken of the organizational meeting?
What should be included in the organizational minutes?
Must a nonprofit corporation have directors?
How many directors should a nonprofit corporation have?
What are the responsibilities of directors?
What is meant by the term "fiduciary duties?"
What is the purpose of a board of directors?
May the board of directors take action without a meeting?
What evidences "action" of a board of directors?
What is a volunteer officer or director?
Who is a nondirector volunteer?
How often should a board of directors meet?
Should non-board members attend the board meeting?
What does the board do when it meets?
Are directors personally liable for the nonprofit's debts?
Should directors be paid to attend meetings of the board?
Who are the officers of a nonprofit corporation?
What is the difference between a director and an officer?
May a person be an officer and a director at the same time?
Who selects the corporation's officers?
Are there limits on officer's compensation?
What are the responsibilities of officers?
Are officers personally liable for the nonprofit's debts?
What is the purpose of bylaws?
Are bylaws required?
What should be in the bylaws?
Who adopts the bylaws?
May bylaws be amended?
Are bylaws public documents?
What is the difference between a membership corporation and a directorship corporation?
What rights do members have?
May there be more than one class of members?
What is a conflict of interest?
How may a conflict of interest be discharged?
What action should occur at the annual meeting of the board of directors?
What should be included in the minutes of an annual meeting of the board of directors?
What should not be included in the minutes of an annual meeting?
What is an agent?
Are agents personally liable for the nonprofit's debts?
What does it mean for a nonprofit corporation to be insolvent?
What is the purpose of a registered office?
Who is the registered agent?
Must a nonprofit withhold payroll taxes of its employees?
What are the powers of a nonprofit corporation?
Is a nonprofit corporation automatically exempt from taxation?
What does it mean to be tax-exempt?
Are all nonprofits charities?
What is a charity?
How does a charity differ from other tax-exempt organizations?
What must a nonprofit do to become a tax-exempt organization?
What should the board of directors of a nonprofit corporation do if they discover, contrary to their belief, that the corporation is not tax exempt?
May a nonprofit corporation raise money by selling stock to the public?
May a nonprofit corporation indemnify its officers and directors from lawsuits?
Who may sue a director for an alleged breach of fiduciary duty?
May third-parties sue the nonprofit corporation?
Where can I obtain more information about nonprofit organizations?
Is it advisable for a nonprofit organization to obtain directors and offices liability insurance?
Does a director have a right to receive a copy of the organizations financial statements?
Does a church member have a right to receive a copy of the church's financial statement?
Is a church required to incorporate as an ecclesiastical corporation under state law?
May a nonprofit organization , that is not recognized as a section 501(c)(3) live example organization solicit donations from the public?
We're just a small amateur sports club - what are some of the reasons why we should consider incorporating as a nonprofit corporation?
May a nonprofit organization enter into contractual agreements with for-profit, business organizations?
Are employees of a nonprofit organization legally required to work for less pay that employees in comparable for-profit business organizations?
Where can I obtain more information about nonprofit organizations?

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