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Non-profit (Nonstock) Corporation

Nonstock corporations, as they are called in Virginia, do not pay income taxes because they are formed for non-personal profit purposes.

By filing proper state and federal documents, they may receive tax-deductible contributions and grant funds from other tax-exempt public and private agencies.  While they may not payout profits to its members, they may pay them reasonable salaries.  Also, upon dissolution, their assets do not simply revert to the contributing members.  They are distributed to other tax-exempt organizations.

As with regular corporations, directors and members have limited liability for debts and liabilities of nonstock corporations, and these corporations exist in perpetuity.

SERVING CLIENTS THROUGHOUT VIRGINIA

My primary focus is on SMALL BUSINESS LAW. However, I also offer the following services: business consultation, business public speaking & argumentation, Veteran issues, and in some cases traffic & criminal defense.

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Disclaimer: The activities of Juan Vega Law PLLC and personal views of Juan Vega are their own and do not necessarily represent the views of the Marine Corps Reserve, Army Reserve, the Judge Advocate General's Corps, or the Department of Defense.