Mutual-benefit nonprofit corporation
- Mutual-benefit nonprofit corporation
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In the United States, a mutual-benefit nonprofit corporation or membership corporation is a type of nonprofit corporation chartered by a state government that exists to serve its members. Therefore, it cannot obtain IRS 501(c)(3) non-profit status as a charitable organization.X-D[1] [2]
A mutual-benefit nonprofit corporation is distinct in the law from public-benefit nonprofit corporations, and religious corporations. An electric membership corporation is an example of an MBNC.
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