Maryland Tax Exempt Nonstock Corporation Definition
Maryland Tax Exempt Nonstock Corporation
DEFINITION
The Maryland Tax Exempt Nonstock Corporation structure taken by most charities or other business entities in Maryland that are seeking tax-exempt status with the Federal and/or Maryland State Government. This type of corporation may not issue stock and does not have owners. It must have at least 3 officers (President, Secretary, and Treasurer) and at least one Director. This type of corporation may have members and those members may or may not be entitled to vote on certain corporate matters, depending upon the rules of membership outlined in the corporation's bylaws.
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