Non-stock corporation
A non-stock corporation (or nonstock corporation) is a corporation that does not have owners represented by shares of stock, 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.