(1) An unincorporated nonprofit association is a legal entity distinct from its members and managers.
(2) An unincorporated nonprofit association shall have perpetual duration unless the governing principles specify otherwise.
(3) An unincorporated nonprofit association shall have the same powers as an individual to do all things necessary or convenient to carry on its purposes.
(4) An unincorporated nonprofit association may engage in profit-making activities, but profits from any activities shall be used or set aside for the association's nonprofit purposes.