Basics of a Non-Profit Corporation
The primary benefit of being a non-profit (or not-for-profit) corporation is that you are exempt from paying income taxes. You must qualify for tax-exempt status under the Internal Revenue Code Section 501(c)(3). Should you attain this status, not only is your corporation exempt from paying taxes, but people, corporations, or other organizations that contribute to your corporation can take a tax deduction for those contributions.