The primary difference between a For-Profit Corporation and a Not-For-Profit Corporation is that a Not-For-Profit Corporation has no shareholders. Instead, it may have a board of directors which in turn appoint the officers of the Corporation.
As for the For-Profit Corporation, incorporation requires filing a certificate of incorporation and adopting bylaws which describe the internal workings of the organization.
There are several advantages of the corporate form for a Private Foundation:
Another feature of the corporate form is that it permits changes in the foundations charitable goals.
Corporate form of a Private Foundation requires that the usual corporate formalities be observed such as holding annual meetings, and recording the events that occur at such meetings in the form of corporate minutes.