Yes, they can. For instance, Mozilla foundation owns a
for-profit Mozilla Corporation, which develops and markets the
Firefox Browser for it.
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Mozilla Foundation
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Mozilla is a foundation and has a tax-paying subsidiary "the
Mozilla Corporation". Mozilla is best known for it's free and open
source web browser Mozilla Firefox.
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Mozilla Foundation and the Mozilla Corporation are the groups
that came up with Mozilla Firefox. Mozilla Firefox is a web browser
that was released on September 23, 2002.