When a not-for-profit corporations dissolves, its assets are ________.
A)transferred to the government
B)distributed among major donors
C)passed to the owners' families
D)given to a similar not-for-profit group

Question

Quizplus · Accepted Answer

When a not-for-profit corporation dissolves, its assets are generally given to a similar not-for-profit group. This is done to ensure that the assets are used for a similar charitable purpose and not for private gain. The transfer of assets must be done in compliance with state and federal laws governing non-profit organizations.

When a Not-For-Profit Corporations Dissolves, Its Assets Are ________