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Dictionary of Law |
non-profit corporation :: legal definitionNon-profit corporation - n. an organization incorporated under state laws and approved by both the state's Secretary of State and its taxing authority as operating for educational, charitable, social, religious, civic or humanitarian purposes. A non-profit corporation (also called "not for profit corporation") is formed by incorporators, has a board of directors and officers, but no shareholders. These incorporators, directors and officers may not receive a distribution of (any money from) profits, but officers and management may be paid reasonable salaries for services to the corporation. Upon dissolution of a nonprofit corporation its assets must be distributed to an organization existing for similar purposes under the "cy pres doctrine." In order for contributions to the corporation to be deductible as charitable gifts on federal income taxes, the corporation must submit a detailed application (with a substantial fee) for an Internal Revenue Service ruling that it is established for one of the specific nonprofit purposes spelled out in the Internal Revenue Code. Informational tax returns must be filed annually with the IRS and the state taxing body. In addition, the state Attorney General may have oversight powers to determine if the corporation is abiding by state laws by limiting its activities to its approved non-profit purposes and not milking the corporation for disguised profits. See also: charity corporation cy pres doctrine and Related Law Terms ↓ Related Law Termsadministrative law :: n. the procedures created by administrative agenci ... judge Administrative Procedure Actadvisory opinion :: n. an opinion stated by a judge or a court upon th ... o: actual controversy friendly suit agent for acceptance of service :: n. states require that a corporation name an actua ... corporations. See also: corporation alter ego :: n. a corporation, organization or other entity set ... See also: pierce the corporate veil antitrust laws :: n. acts adopted by Congress to outlaw or restrict ... so: price fixing restraint of trade arrest :: v. 1) to take or hold a suspected criminal with le ... anda warning probable cause warrant articles of incorporation :: n. the basic charter of a corporation which spells ... year's taxes. See also: corporation attorney :: n. 1) an agent or someone authorized to act for an ... ialize. See also: court reciprocity Attorney General :: n. in each state and the federal government the hi ... izenry. See also: Solicitor General bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed. bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc." bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy bar examination :: n. the examination given in each state by either t ... n that district. See also: attorney Bill of Rights :: n. the first ten amendments to the federal Constit ... ved to the states or to the people. blue sky laws :: n. laws intended to protect the public from purcha ... e sky." See also: corporation stock board of directors :: n. the policy managers of a corporation or organiz ... he expertise. See also: corporation brief :: 1) n. a written legal argument, usually in a forma ... another person. See also: precedent bylaws :: n. the written rules for conduct of a corporation, ... d/or amended. See also: corporation capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange cartel :: n. 1) an arrangement among supposedly independent ... Colombia. See also: antitrust laws civil :: adj. 1) that part of the law that encompasses busi ... also: civil liberties civil rights civil law :: n. 1) a body of laws and legal concepts which come ... generic term for non-criminal law. common law :: n. the traditional unwritten law of England, based ... plied without reference to statute. common stock :: n. stock in a corporation in which dividends (payo ... oration preferred stock share stock community property :: n. property and profits received by a husband and ... and distribution separate property company :: n. any formal business entity for profit, which ma ... s a corporation. See also: business complaint :: n. the first document filed with the court (actual ... g prayer service of process summons conflict of law :: n. a situation in which both state and federal law ... y arose. See also: forum preemption constable :: n. a law officer for a particular area such as a r ... ice of the Peace. See also: sheriff constitutional rights :: n. rights given or reserved to the people by the U ... e also: Bill of Rights constitution consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities controlling law :: n. the laws of the state which will be relied upon ... will be that of a particular state. copyright :: 1) n. the exclusive right of the author or creator ... plagiarism public domain trademark corporation :: n. an organization formed with state governmental ... ation public corporation securities court-martial :: 1) n. a military court for trying offenses in viol ... the U.S. Court of Military Appeals. demurrer :: n. (dee-muhr-ur) a written response to a complaint ... demurrer. See also: motion pleading derivative action :: n. a lawsuit brought by a corporation shareholder ... on director shareholder stockholder descent :: n. the rules of inheritance established by law in ... on inheritance intestate succession director :: n. a member of the governing board of a corporatio ... lso: board of directors corporation discrimination :: n. unequal treatment of persons, for a reason whic ... qual rights. See also: civil rights dissolution of corporation :: n. termination of a corporation, either a) volunta ... e government. See also: corporation distribute :: v. 1) the dividing up of those assets of an estate ... and distribution probate trust will doing business :: v. carrying on the normal activities of a corporat ... oration operating within the state. equal opportunity :: 1) n. a right supposedly guaranteed by both federa ... be so. See also: affirmative action equal protection of the law :: n. the right of all persons to have the same acces ... laws." See also: due process of law equity :: n. 1) a venerable group of rights and procedures t ... ry enjoin equitable injunction writ estate tax :: n. generally a federal tax on the transfer of a de ... commonly called an inheritance tax. fair trade laws :: n. state laws which permit manufacturers or produc ... state constitutions in many states. foreign corporation :: n. a corporation which is incorporated under the l ... tate or Whoopee's designated agent. franchise :: 1) n. a right granted by the government to a perso ... on property, income or profits tax. franchise tax :: n. a state tax on corporations or businesses. See ... sinesses. See also: corporation tax fresh pursuit :: n. immediate chase of a suspected criminal by a la ... hot pursuit. See also: hot pursuit gift :: n. the voluntary transfer of property (including m ... ift tax unified estate and gift tax grandfather clause :: n. 1) a clause in a statute or zoning ordinance (p ... Such laws are now unconstitutional. guest statute :: n. a state law which sets standards of care by the ... sked to be let out. See also: guest incorporate :: v. 1) to obtain an official charter or articles of ... te by reference incorporation stock inheritance :: n. whatever one receives upon the death of a relat ... intestacy intestate succession will international law :: n. treaties between countries; multi-lateral agree ... all nations. See also: World Court intestate succession :: n. the distribution when a person dies without lea ... sion. See also: intestacy intestate issue :: 1) n. a person's children or other lineal descenda ... the body incorporation share stock joint venture :: n. an enterprise entered into by two or more peopl ... s terminated. See also: partnership judge :: 1) n. an official with the authority and responsib ... ice justice of the peace magistrate law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute law book :: n. any of numerous volumes dealing with law, inclu ... : common law law Shepardize statute legal advertising :: n. 1) notices of probate sales and other documents ... quality of the lawyers advertising. limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership lineup :: n. a law enforcement method used in an attempt to ... entification is precarious at best. living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor mandamus :: (man-dame-us) n. Latin for "we order," a writ (mor ... mandamus. See also: writ of mandate maritime law :: n. Also called "admiralty law" or "the law of admi ... r maritime law. See also: admiralty marriage :: n. the joining of a male and female in matrimony b ... of time without legal formalities. marshal :: 1) n. a federal court official who may serve paper ... tablish priorities among creditors. martial law :: n. a system of complete control by a country's mil ... n and women. See also: military law mercantile law :: n. that broad area of the law (also called commerc ... tion seller Uniform Commercial Code merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other. mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence occupy the field :: v. to preempt (monopolize) an area of statutory la ... ertain topics. See also: preemption of counsel :: adj. reference to an attorney who is not actively ... quiring his/her full-time presence. officer :: n. 1) a high-level management official of a corpor ... deputy sheriff or federal marshal. offshore corporation :: n. a corporation chartered under the laws of a cou ... nds in accounts out of the country. partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner preemption :: n. the rule of law that if the federal government ... cs control may parallel each other. preferred stock :: n. a class of shares of stock in a corporation whi ... on stock corporation dividend stock prospectus :: n. a detailed statement by a corporation required ... rporation limited partnership stock public utility :: n. any organization which provides services to the ... nder state laws. See also: monopoly regulations :: n. rules and administrative codes issued by govern ... es usually have similar procedures. revenue ruling :: n. a published opinion of the Internal Revenue Ser ... evenue ruling. See also: income tax sanction :: n. 1) a financial penalty imposed by a judge on a ... ction." See also: contempt of court seal :: n. a device which creates an impression upon paper ... e "sealed," but that is rare today. search warrant :: n. a written order by a judge which permits a law ... ble cause search search and seizure securities :: n. generic term for shares of stock, bonds and deb ... ee also: bond debenture share stock sentence :: 1) n. the punishment given to a person convicted o ... ence restitution suspended sentence separate property :: n. in community property states (California, Texas ... pouse. See also: community property service of process :: n. the delivery of copies of legal documents such ... by publication substituted service share :: n. 1) a portion of a benefit from a trust, estate, ... n issue of the corporation's stock. shareholder :: n. the owner of one or more shares of stock in a c ... : corporation shareholders' meeting shareholders' meeting :: n. a meeting, usually annual, of all shareholders ... ctors corporation proxy shareholder sheriff :: n. the top law enforcement officer for a county, u ... ." See also: bailiff sheriff's sale shield laws :: n. statutes enacted in some states which declare t ... See also: privileged communication state of domicile :: n. the state in which a person has his/her permane ... orated. See also: domicile resident statute :: n. a federal or state written law enacted by the C ... and proclamations are not statutes. stock certificate :: n. printed document which states the name, incorpo ... . See also: corporation share stock subchapter S corporation :: n. the choice by a small corporation to be treated ... ing attorney. See also: corporation substituted service :: n. accomplishing service (delivery) of legal docum ... ee also: service service of process supremacy clause :: n. Article VI, section 2 of the U.S. Constitution, ... f involving a constitutional issue. tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax Thirty-day notice :: n. a notice by a landlord to a tenant on a month-t ... e also: landlord and tenant service three-day notice :: n. a notice to pay delinquent rent or quit (leave ... nd tenant service unlawful detainer toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry. ultra vires :: (uhl-trah veye-rehz) adj. Latin for "beyond powers ... it is issued. See also: corporation use tax :: n. a state tax on goods purchased in another state ... e" tax equivalent to its sales tax. voting trust :: n. a trust which solicits vote proxies of sharehol ... ation proxy shareholder stockholder warrant :: 1) n. an order (writ) of a court which directs a l ... e search and seizure search warrant will :: n. a written document which leaves the estate of t ... will and testament probate testator winding up :: n. liquidating the assets of a corporation or part ... ration cy pres doctrine partnership Popular Law Searcheslegal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger." mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor. clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate. Other Law Terms - NN.O.V. :: adj. shorthand acronym of Latin for non obstante v ... notwithstanding the verdict verdicNational Labor Relations Board :: n. an independent regulatory commission created in ... see union and organizing elections. natural law :: n. 1) standards of conduct derived from traditiona ... eated by mankind through the state. natural person :: n. a real human being, as distinguished from a cor ... ated at law as a fictitious person. necessary :: adj., adv. 1) essen- tial. 2) less forcefully, it ... nient, useful or making good sense. necessary inference :: n. 1) a conclusion militated by reason and logic a ... nown facts. 2) unavoidable meaning. necessary party :: n. a person or entity whose interests will be affe ... o: indispensable party proper party negative declaration :: n. a finding by a city council or other local gove ... so: EIR environmental impact report negative pregnant :: n. a denial of an allegation in which a person act ... suse, just the amount and the date. negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort negligence per se :: (purr say) n. negligence due to the violation of a ... riving. See also: negligence per se negligent :: adj., adv. careless in not fulfilling responsibili ... esponsibility. See also: negligence negotiable instrument :: n. check, promissory note, bill of exchange, secur ... bearer paper bill of exchange check negotiation :: n. 1) the transfer of a check, promissory note, bi ... te. See also: negotiable instrument net :: : n., adj. the amount of money or value remaining ... or net estate. See also: net estate net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax new matter :: n. newly claimed facts or legal issues raised (bro ... ee also: affirmative defense answer next friend :: n. a person (often a relative) who voluntarily hel ... filed. See also: guardian ad litem next of kin :: n. 1) the nearest blood relatives of a person who ... See also: descent and distribution nihil :: (ni [as in it]-hill) n. from Latin for nothing. ... t]-hill) n. from Latin for nothing. |