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Help with a Private Foundation
Hi folks,
I am trying to help a friend with setting up a Foundation in the health area, if anyone could answer ANY of the following questions we would be very grateful. They are fantasic healers and also plan to teach their craft to others while selling products to private patients.
1 . How would a Private Foundation invoice students for the course? – For intellectual property?
A: Issue a bill not an invoice? Mark it Private and confidential? Or could they issue a standard invoice?2 If the foundation is completely private, do disbursement parameters need to be defined in the set up documents?
3 Is it compulsory to give away all profits, can it donate profits to the Principles of the Foundation’s Private Trusts?
4 Would the foundation be the holder of the intellectual rights and use a limited company that licenses the IP rights to do business in the public? Is that kind of complexity required?
5 Can the foundation sell goods, herbs and oils etc, directly to the general public, or should it do so via a wholly owned company, Ltd or LLC? Or should they only sell to private patients?
If anyone has any ideas or thoughts on any of those that would be very helpful.
Best😀
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5 Replies
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There might be something here can help
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Thanks very much morag.
From reading those documents, it seems as though the best way to go would be to run their Health Clinic as a Trust rather than a Foundation and then donate all extra money [profits] the Trust makes each year to the Private Foundation. Does that seem right or can it be done the other way around?
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That’s how it sounds to me too.
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Here’s another angle.
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Thanks very much Morag. Good info. Were these transcripts from Mark’s talks?
I have heard now, mostly from Mark and also from Peter Duff who does the Foundations, that BOTH a Trust and a Foundation can be ran as a business. The main difference being that only the Trust can hold titles.
So, if that is correct, then in my example I gave in the first message above – this is a health clinic that has intellectual property – then they need a Trust first to hold the IP and a Foundation to interface with the Public.
Any thoughts anyone?
