Non-stock corporation

A non-stock corporation is a corporation that does not have owners represented by shares of stock. That type of corporation is called a stock corporation. Instead, a non-stock corporation typically has members, who are the functional equivalent of stockholders in a stock corporation (they have the right to vote, etc.) 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. For example, the Cato Institute is set up this way.) While rare, it is also possible for a for-profit corporation to be a non-stock corporation.