• Charitable Planning & Private FoundationsPrivate Foundation as Not-For-Profit Corporations

    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.

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    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: 

    1. Limited liability for officers and directors
    2. Greater flexibility to adapt the organization’s structure as circumstances change
    3. Ability to have perpetual life

    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. 

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