QUESTION:
I wish to start up an organization with the mission of eco-social benefit.
I want to make sure that most of the proceeds go towards the mission. As founder, I want to dedicate the proceeds from my speaking and consulting work into this organization, which, in return, will fund my future engagements to help those who cannot pay for my services. I do not want personal income for the next few years. I just want to donate my services and be funded (travel, office expenses, etc) for my pro-bono work.
What entity should I found and where should I found it? Is it a foundation, a corporation (if so, what kind), a non-prof? Is there a way to start this on a shoestring? If you can point me to a few examples of what other similar companies have done, that would suffice. I just want a general idea of the options available. Then I’ll retain a lawyer and get help setting up the company. – Thetawave
ANSWER:
by RJ Johnston
Sounds like you need a 501(c)3 non-profit. I recently came across information on B-Coporations, you may also want to consider a B-Corporation if you go the LLC route: http://bcorporation.net/
I'm not a lawyer, but LLCs are the simplest in most cases. I'd recommend keeping everything as simple as possible and see how it evolves. You may not need a foundation or non-profit corporation unless you plan on doing fund raising. You may be better off with a sole proprietorship to start with. Anyhow, you should definitely talk to your lawyer. The devils are in the details.