Legal Question in Business Law in Canada

non profit or forprofit?

I would like to set up a foundation for a community abroad. I am doing this on my own and am wondering if I have to register for a non profit status or can I do this as a for profit business. What are the benefits and pitfalls. my recourse for generating funds would be vai donations over the intenet. tanks for your time.


Asked on 7/19/04, 7:09 pm

2 Answers from Attorneys
Terry A. Nelson Nelson & Lawless

Re: non profit or forprofit?

There is no simple answer for the question. You need to get real informed advice, based upon all the facts and needs of the organization. The only way to do that is to sit down and spend time with experienced counsel. Feel free to contact me if interested and willing to do so.

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Answered on 7/20/04, 2:24 pm
Jonas Grant Law Office of Jonas M. Grant, A.P.C.

Re: non profit or forprofit?

As a practical matter, you are likely to have more success garnering donations as a non-profit corporation with federal IRS 501(c)(3) tax-exempt status (so that donors know they are giving to a charity and can deduct this giving from their tax liability).

But, like the other attorney said, you need to consult with a non-profit and tax-exempt organizations attorney regarding your particular circumstances so that such an attorney can assist you in realizing your goals.

The information you have provided is insufficient for an answer. I also do not provide legal advice to non-clients.

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Answered on 7/20/04, 2:57 pm


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