Nevada Revised Statutes 435.179 – ‘Nonprofit organization’ defined
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‘Nonprofit organization’ means a partnership, firm, corporation or association that is recognized as exempt pursuant to the provisions of 26 U.S.C. § 501(c)(3).
Terms Used In Nevada Revised Statutes 435.179
- 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.