What is the definition of a nonprofit organization?

A nonprofit organization is an entity that is formed to provide services or products to individuals or groups without the aim of making a profit. In South Dakota, nonprofits are typically formed and organized under the Nonprofit Corporation Act with the purpose of benefiting the public or a specific group due to their charitable, educational, religious, scientific, or literary goals. Nonprofits typically do not pay taxes on any income that is generated or used for the purpose of its operations, and instead, they often rely on donations and other forms of fundraising for their existence. Nonprofit organizations often provide services or aid to those in need such as providing food, medical help, or disaster relief. Additionally, a nonprofit organization can be formed to promote and support a cause such as a specific disease or environmental awareness. Ultimately, the definition of a nonprofit organization is one that serves the public without the goal of making a profit.

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What is the definition of a nonprofit organization?

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