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Types of non-profits& Z/ X- J4 l) _
There are 2 types of non-profit organizations: private and public.
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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.& w3 h8 K/ |9 r7 Q
% U2 y- ?. i6 p @+ a; m9 yPrivate, {, m4 ?7 Y( V0 S0 f* k: g
At least 2 people are needed to form a private non-profit organization. A private non-profit organization has the following restrictions: R5 D5 s: e/ R( U
# k$ I, T; R. c. _: hcannot have more than 50 shareholders or members: Z* ]1 C& E! t. u
cannot sell shares or memberships to the public
( B$ _. O& b n8 zrestricts or forbids share or membership transfers, W* Z3 d. T* s. r: |2 H+ z
Public6 t5 e: E8 n+ x) X, T$ O0 H
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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