What is a 501(c)(3)? How does a 501(c)(3) differ from a business?
a) A 501(c)(3) is a type of sports club. It differs from a business by not generating any revenue.
b) A 501(c)(3) is a tax-exempt nonprofit organization. It differs from a business by not distributing profits to shareholders.
c) A 501(c)(3) is a for-profit corporation. It differs from a business by paying higher taxes.
d) A 501(c)(3) is a government agency. It differs from a business by not being subject to any regulations.