Unlike a regular corporation, a non-profit corporation does not have stockholders. This is because non-profit corporations do not issue stock. Instead, non-profit corporations can choose to have members.
A formal membership structure often grants members certain basic rights, such as the power to vote for directors and approve a sale or merger. Most non-profits (especially smaller ones) do not have members, due to the additional paperwork and required formalities.
Even without members, other people may still participate as advisors, patrons or contributors, but without a formal vote. However, if your non-profit is a club or social organization, it might make sense that all of the members have a formal vote on certain important matters.
To learn more and speak with a representative please call us at 888-381-8758. We are happy to answer any questions that you may have.
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