We are a small private organisation which owns and manages nursing homes. We are anxious to set up a charitable foundation to primarily support clinical research initiatives on behalf of our clients. My question is two fold -
1. Because we are a private company are there any legal, revenue or other reasons which may prevent us from setting up such a charitable foundation?
2. What type of legal structure would we be best to pursue -we were thinking of a company limited by guarantee and not having a share capital??
Regards
Tony
Comments
Hi Tony,Thanks for your
Hi Tony,
Thanks for your question.
As you are setting up a foundation with charitable purposes that will exist as an independent entity, there should be no overarching or significant problems encountered just because you are a private organisation (obviously the money that potentially flows into both entities will be separate).
However, to find the answers to the nitty gritty of your questions, I would urge you to examine the following document from Philanthropy Ireland, which deals with the setting up of a charitable foundation:
http://philanthropy.ie/images/uploads/Guide_to_Setting_up_a_Foundation_in_Ireland.pdf
You can also obtain further information on legal structures - and other information relevant to setting up a charity/organisation - from the following page of our own website:
http://www.wheel.ie/you-and-your-organisation/forming-your-charity
Paul
In addition to the above
In addition to the above information provided by Paul, I'd recommend that you ensure that you ensure that trustee liability cover is provided and perhaps a directors and officers type cover to provide financial liability insurance for the new foundation. This would be in addition to your usual type covers provided for the property owners/management of the nursing homes.
Máire McSherry
www.wexfordinsurance.com