Legal Question in Business Law in Washington
Can you add a not for profit foundation to an existing corporation? I own a veterinary hospital but have established a relationship with our local government to provide animal control services as well. The control and sheltering aspects of the business will be completely seperate from the hospital portion and am hoping to utilize a team of volunteers and some funding money to help cover the costs of that division. Do I need to set up a secondary company/entity or can it be under the umbrella of the original business?
2 Answers from Attorneys
Needs to be separate and independent. Perhaps a 501(c) (3) requiring IRS qualification ( to enable that charitable donations may be solicited).
Needs separate books and records also.
Probably want to either lease or accept donated space from for-profit vet. hospital corp.
The other attorney is right on point here. It is a different business and should not be co-mingled with your existing one. Consult with an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
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