Involuntary Chapter 11 and 7 Bankruptcy. CPA Exam REG

[@tymotep1736]

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[@AccountingLectures]

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[@AccountingLectures]

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[@MWiggins-m2g]

There is a distinction in the law between nonprofits and not-for-profits. You are collapsing these two into one. That's incorrect. A nonprofit, organized under 501(c)(3), would be an organization set up for a purpose in the general public intertest, such as a church, the American Red Cross, etc. A not-for-profit is not organized in the general public interest, but in the interest of the members of the organization, or club. Examples would include adult softball teams playing in a league, hunting and fishing clubs, etc.