A Nonprofit corporation is a special type of corporation that has been organized to meet specific tax-exempt purposes. To qualify for Nonprofit status, your corporation must be formed to benefit: (1) the public, (2) a specific group of individuals, or (3) the membership of the Nonprofit.
Examples of Nonprofits include: religious organizations, charitable organizations, political organizations, credit unions and membership clubs such as the Elks Club or a country club.
Nonprofit formation requires filing with the appropriate state agency as well as paying a filing fee. Additionally, to qualify for federal tax exempt status- a nonprofit must also file an application with the IRS (often referred to as the 501(c)(3) application)