Taking A Look At Non-Profit Organizations
Non-profit sector is very different from both the public and private sectors. It is a tax-exempt organization or social sector which is mainly formed for the purpose of education, religious, art, animal right or charitable (Hatten, 1997). Popular examples for the non-profit organization are World Wildlife Fund, Do Something, United Nations Children’s Fund (UNICEF), Green Peace and Malaysia Red Crescent Society.
The ownership of the non-profit organizations does not belong to anyone, even the founder of organization, which is very different from other form of business. This is because there is no stock or stock exchanges; instead, it is only run by a board of directors (Hopkins, 2009). All the entities of non-profit organization are registered under state law.
Non–profit organizations revenues are generated to achieve their goals instead of distributing them as dividends or profit (Grobman, 2008). Therefore, the members, officers or director in the non-profit organization will not receive any part of the organization income or profit except the payment for their services. The surplus can be used to expand the organization according to their mission
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It cannot be created for individual purpose or family benefits. A non-profit organization cannot be sold to other individual or organization, but it can pass to someone who is willing to continue it.
Formation of limited-liability company (LCC) aims to gain more benefit for entrepreneurs by limited liability. It has tax advantages of a partnership along with the corporation and the benefits are similar to the S corporation in which special eligibility is not required. Thus, it is designed to provide a corporation with tax efficiencies and flexibility of operating in a partnership which is a feature of limited liability. It is now usable in most states because of the new structure of a type of hybrid business (Megginson et al.,
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