Submitted by martinautonlloyd2 on 18 June, 2007 - 09:09.
Hi,
Im doing natural healing,and intend fundraising from the families of those healed to contribute and pledge money towards securing more suitable premises for treatment,as my home is not suitable.
I do not wish any proceeds to rock my personal tax situation.
So my question is.....should I establish/form a foundation,then open bank account in that name,should it be "off shore" or is that all not necessary with "non-profit" and how should I go about forming a "foundation" if this is the course I should follow.
I do expect to secure substantial funds,as what I am about to embark upon,is not about money,but about saving peoples live,using alternative natural healing,which i have experience and a proven success.
The money part is for me to be able to continue and reach out and expand with proper facilities.
I would appreciate any help
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RE: Setting up a foundation(natural healing)
Thanx for your reply,
yes that does mean that I do not wish for myself to generate money,and yes,I can wait for that...
Thanx again
RE: Setting up a foundation(natural healing)
The paperwork is on the websites for the Charity Commission and Companies House to DIY a limited company and/or a charity. It's fairly straightforward (I've done some of both) but, if in doubt, get some advice from someone used to reading legalese - an accountant or lawyer would be best. Have you treated any of them?
You say you don't want it to affect your tax position - does this mean you don't want or need to earn any money directly from the treatments? If so, then perhaps a Charity would be the best route.
In a few months' time you'll be able to set up a Charitable Company (CIO), which will obviate the dual registration for Charities and Companies Limited by Guarantee, if you can wait that long!
Cheers
Gerry
RE: RE: Setting up a foundation(natural healing)
[quote]Setting up a limited company is a very low cost activity. My company, Fundraising UK Ltd, cost about £100 to set up in 1996. All I had to do was sign the relevant papers I recall.
[/quote]
Also would it be fit for me to form a Foundation?do you think,in order for me to progress to acquire large premises to house patients and progress with my work.Is a foundation the way to go or is it to grandiose?
RE: RE: Setting up a foundation(natural healing)
[quote]Setting up a limited company is a very low cost activity. My company, Fundraising UK Ltd, cost about £100 to set up in 1996. All I had to do was sign the relevant papers I recall.
[/quote]
So how would one go about getting the relevant paper work?
RE: RE: Setting up a foundation(natural healing)
[quote]For setting up a company? Loads. Just do a google search for setting up a company
Not sure about pro-bono work, its not exactly expensive for most companies. Partly depends on how much work you want others to do for you and how much you want to do yourself.[/quote]
Well the thing is doing the healing work myself,that is the field I am focusing on,but if it not to much trouble I could go for it myself.
RE: Setting up a foundation(natural healing)
Setting up a limited company is a very low cost activity. My company, Fundraising UK Ltd, cost about £100 to set up in 1996. All I had to do was sign the relevant papers I recall.
RE: Setting up a foundation(natural healing)
For setting up a company? Loads. Just do a google search for setting up a company
Not sure about pro-bono work, its not exactly expensive for most companies. Partly depends on how much work you want others to do for you and how much you want to do yourself.
RE: Setting up a foundation(natural healing)
Hi Martin,
are there any organisations that are set up to help,or any accountants who work pro bono in this field?
Cheers
RE: Setting up a foundation(natural healing)
A limited, not-for-profit company can work. Uk bank account etc - basically very similar to other companies.
Worth seeing an accountant about setting up the company.