Not really... "Not For Profit" is not equal to "Non-Profit", in the eyes of US law (particularly tax law). A "non-profit" corporation cannot have a profit at the end of the year. It has to spend everything it makes on whatever purpose it's incorporated for, or to pay its staff, or otherwise support its purpose. (To put it simply. And I don't know what happens if they do end up with money left over -- probably some kind of whopping tax penalty.) A "not for profit" corporation, on the other hand, isn't supposed to have a profit at the end of the year, but doesn't get penalized (or maybe not as badly) if it does.
That's an outsider lay person's observation/rule of thumb, by the way. A tax lawyer or accountant would probably give you a better set of definitions. But basically the point is, "not for profits" can generate profits. They're just not expected to, and so run in a different part of the tax spectrum from for-profit companies.
-- Bob
---------
Then the horns kicked in...
...and my shoes began to squeak.
That's an outsider lay person's observation/rule of thumb, by the way. A tax lawyer or accountant would probably give you a better set of definitions. But basically the point is, "not for profits" can generate profits. They're just not expected to, and so run in a different part of the tax spectrum from for-profit companies.
-- Bob
---------
Then the horns kicked in...
...and my shoes began to squeak.
