Nevada Revised Statutes 396.806 – Income of nonprofit corporation
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Any income of the corporation shall not inure to any member thereof or to any other private person, partnership or corporation, excluding any payment of the nonprofit corporation’s operation and maintenance expenses, any securities requirements, and any other obligations based on contract or tort.
Terms Used In Nevada Revised Statutes 396.806
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.