Establishing an inspiring legacy through the incorporation of a non-profit organisation
What is a Non-profit/NGO/Foundation?
A Non-profit/NGO/Foundation is a group organized for purposes other than making profit and in which no part of the organizations income is distributed to its members, directors or officers. The income generated by Non-profits/NGO/Foundations is used to further its objectives.
Establishing a Non-profit/NGO/Foundation can be an inspiring way to give back to your community and help those in need. The many other benefits are listed below;
- It creates a life legacy;
A legacy is something that we leave or give to others, something that will last beyond our lifetime. For many people, establishing a Non-profit/NGO/Foundation can create this kind of benefit as it can continue in support of the same causes and interests for which they were established long after the founders are gone.
2. Eligibility for grants/donations;
Grants are charitable monetary donations given from both public and private organizations, typically grants can only be given to Non-profits/NGO/Foundations that are registered under Part C of the Companies and Allied Matters Act (CAMA) legal status, making it a huge benefit.
3. Tax Advantages
Non-profits/NGOs/Foundations are exempt from paying all kinds of taxes. This helps the organization retain more funds and offer more in line with the cause they have chosen to pursue/support.
4. Liability Protection;
They are organized as legal entities, and they operate as limited liability organizations, which separates the owners’ personal assets from those of their businesses.
5. Passion pursuit;
it creates an opportunity for individuals to pursue what ever causes or areas they are passionate about and would like to make a difference in. So whether it’s working with children, spreading environmental consciousness, or championing disease awareness, an individual can get deep personal satisfaction from accomplishing a lot of good most deep seeded interest can take wing through this Non Profits/NGOs/Foundations.
6. Constructive involvement in the community:
Non-Profits/NGOs/Foundations creates an opportunity to build a brand and productive entity as they provide their communities with various support and resources. They can form powerful partnerships with the community, its people and its leaders through mutual offerings. This leads to the overall improvement and growth of first the community and the society at large.
7. Creation and nurture of leaders;
NGOs always require good leadership to accomplish their endeavors and gives them a opportunity to grow with the organization. It also creates an opportunity for individuals to use their business talent, education and experience for the good of humanity.
CEO, 618 Bees
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