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Non-stock corporation
 | This article needs additional citations for verification. (February 2011) |
A non-stock corporation (or nonstock corporation) is a corporation that does not have owners represented by shares of stock,[1] in contrast to a joint-stock company. A non-stock corporation typically has members who are the functional equivalent of shareholders in a stock corporation. The members may have the right to vote (and other rights) based on the bylaws of the corporation. Non-stock corporations may also choose to have no members.
The vast majority of not-for-profit corporations are non-stock corporations. (Some states, such as Kansas, allow nonprofits to issue stock.[2] In many jurisdictions, a nonstock corporation can elect to become a stock corporation if certain conditions are met.
- ^ Goldmark & White; Godfrey Goldmark; Frank White (1913). White and Goldmark on non-stock corporations. New York Public Library: Baker, Voorhis. p. 3.
- ^ "Legal Resources".
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