Nonprofit vs. For Profit Entities

Non-profit vs. For-profit Business Entities

	Non-profit	For-Profit
Donations deductible	Yes	No
Exempt from Federal Taxes	Yes	No
Exempt from State Taxes	Yes*	No
Limitations on use of funds within corporation?	Yes	No
Can provide benefits to employees or board members?	Yes	Yes
Required to pay employment taxes?	Yes	Yes
Required to update information with IRS each year?	Yes	Yes

*in some instances another form for the State is required to be filed.

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