Non-profit Organisation

[Adam Ray]

Hi,

Really good meeting last night :)

This site: http://www.ukincorp.co.uk/s-18-uk-guarantee-company-formation.html

Talks about how to setup a non-profit organisation, which would give us the exact same status as the London lot: "The Hackspace Foundation is a non-profit, community organisation..."

I’m assuming if we get ourselves a status it will make lives easier during lots of stages. Paying rent through the organisation and most importantly if it fell apart, (Shouldn’t think like this but need to) It would not rest on one persons shoulders, it would be on the organisation. The good bit about this is that we set out at the start a “nominal amount towards the winding up of the company in the event of a shortfall upon cessation of business”… I’m suggesting £1 :)

Anyways looks like we can get setup a "LHS Foundation" - all for £42!

Some admin work needs to be made and a few decisions, but this looks like what we need.

Little explanation from site about what it would be:

"A company limited by guarantee is an alternative type of incorporation used primarily for non-profit organisations that require corporate status. A guarantee company does not have a share capital, but has members who are guarantors instead of shareholders. The guarantors give an undertaking to contribute a nominal amount towards the winding up of the company in the event of a shortfall upon cessation of business. It cannot distribute its profits to its members, and is therefore eligible to apply for charitable status if necessary."

Thoughts?

Adam