Tennessee Charter (Nonprofit Corporation) is a type of legal entity formed in the state of Tennessee. It is a separate legal entity created by filing articles of incorporation with the Secretary of State. The charter is filed with the state and is bound by the laws of the state. It is a non-profit entity, meaning that it does not issue shares of stock or pay dividends. Any profits are reinvested back into the organization or are used to further its charitable purpose. There are two types of Tennessee Charter (Nonprofit Corporation): the public benefit corporation and the religious corporation. The public benefit corporation is formed for the purpose of providing some type of benefit to the public, such as education, health care, or environmental protection. The religious corporation is formed for the purpose of advancing the beliefs and practices of a particular religion. Both types of charter (nonprofit corporation) are exempt from federal income tax.
Tennessee Charter (Nonprofit Corporation)
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