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    Non-profit status 501 (c) (3)

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    Can someone please provide some assistance with this question. Its for an MBA course and needs to be between 350 and 450 words or so. Please describe what the 501 (c) (3) designation means and tell why is it so popular? Thank you so much in advance for all your help. I really appreciate it.

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    Solution Preview

    50l (c ) 3 is a designation for an organization under the IRS Tax Code that allows for exemptions from taxes under certain specific conditions. The organization must be established and operated for the exempt purposes include in the 501 (c ) 3 section of the tax code. The organization cannot be created or operate for the benefit of the person or the family of the person who creates the organization, or any individual. The 501 (c ) 3 organization cannot influence or attempt to influence legislation as a major part of its purpose or activities. There can be no campaign activity by the organization for or against a political candidate. For all of this, it must ...

    Solution Summary

    An explanation of why groups seek the 501 (c) (3) designation.