Establishing an inspiring legacy through the incorporation of a non-profit organisation

Establishing an inspiring legacy through the incorporation of a non-profit organisation

July 23, 2019

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;

  1. 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.

Best regards,

Efe Ugboro

CEO, 618 Bees

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advise, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advise from the particular facts and circumstances at issue from a lawyer.

 This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • Do I need a Company Secretary?

    A limited liability company (LLC) must have a company secretary.

  • What are the benefits of Registering with SON?
    1. Product traceability in the Nigerian market
    2. Detection of counterfeit products
    3. Barriers to the circulation of substandard goods
    4. The official SON Product Registration Logo and number are displayed on registered products.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.

  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.

  • What is a trademark?

    A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.

Call Us Now on +234 901 719 0079 Whatsapp icon Chat on WhatsApp