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Types of non-profits
- f/ Z: g1 \7 K- S9 ?9 C; l) ?There are 2 types of non-profit organizations: private and public.6 q; d' u& M7 Z5 a1 W/ Z& b
7 R7 f9 y* h! C" G- L/ U7 MYou 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.4 g7 [7 E; C/ I, d/ Z; V
' F, `7 k: N8 H: e1 ?Private, v- E7 z6 v3 _
At least 2 people are needed to form a private non-profit organization. A private non-profit organization has the following restrictions:
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3 U c7 c! A) o, u B) u- X6 w3 _cannot have more than 50 shareholders or members# ~7 M; |1 M4 t( d9 ^8 ~
cannot sell shares or memberships to the public
- m: X1 Z, a. r, nrestricts or forbids share or membership transfers( {5 p" g6 @ s3 n& O& J' D
Public
8 l* }& f6 a, m3 |, W/ k/ _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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