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From d...@ast.cam.ac.uk (David Robinson)
Subject Re: incorporation
Date Wed, 13 Dec 1995 18:34:00 GMT
Ages ago Paul Richards wrote:
>In the UK you can set up a non-profit company for about 250 (I wonder if
>that sterling symbol will work), which is about the third of the cost.
>[of $1500]
>
>If people are serious about this me and Andrew and the other UK folks could
>look into this. I looked into it for FreeBSD and there's no problem
>with having overseas folks on the non-profit equivalent of the
>Board of Directors.
>
>The way it works is that there's a management committee instead of directors
>and members instead of shareholders. The difference in terminology means that
>no-one holds any shares or is entitled to any dividends. All the money is
>distributed to "research" projects. Members can be individuals or
>corporations.
>
>We'd have to draw up company articles (rules) and then the membership I think
>would elect the management committee who would "run" the company on a daily
>basis.
>
>Advantages: we could collect donations and sponsorship to finance the project,
>equipment, meetings, even paid consultancy for particular tasks and have
>a body to hold the copyright :-)
>
>Disadvantages: it's more work for those involved running the company.

How does this compare to a private members club? Is the only avantage
limited liability to creditors?

A private members' club is basically just like any society. It has a committee
and constitution, and can own assets. Usually there is a rule that if the club
is dissolved, the assets are distributed amongst the members.

Private members' clubs can be rather large; in the UK Rugby Union clubs
tend to be run this way. If they have a high turnover, then they are
VAT registered, like a person. (person = individual or company)

 David.

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