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Types of non-profits% z y4 D" n, L, h5 K& E! p3 o
There are 2 types of non-profit organizations: private and public.* E/ [5 I" C+ S
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You should get legal advice if you need help deciding which type of company is best for the needs of your group or if a society is a better legal structure.
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Private
$ v k- m9 Z/ s: W; {At least 2 people are needed to form a private non-profit organization. A private non-profit organization has the following restrictions:3 `6 w q; |8 \! i$ T+ w
7 o+ l) j' m& tcannot have more than 50 shareholders or members2 W6 W& U7 ^# y. a7 P
cannot sell shares or memberships to the public
1 r- {( L1 u3 O, @, S) l6 l" Brestricts or forbids share or membership transfers
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At least 3 people are needed to form a public company. A public non-profit organization does not have the restrictions of a private organization. |
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