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  1. #1
    Join Date
    Nov 2009
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    5

    Default For-Profit Foundation

    My question involves business law in the state of: for-profit foundations

    May a for profit corporation use "foundation" in its name?
    Is foundation a term reserved exclusively for not-for-profit entities?

    This question was asked in yahoo answers but it never got answered.

    thanks everyone

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
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    98,846

    Default Re: For-Profit Foundation

    There is no such state as "for-profit foundations". Please follow the instruction to identify the state involved.

  3. #3
    Join Date
    Nov 2009
    Posts
    5

    Default Re: For-Profit Foundation

    I'm in Las Vegas, Nevada. Google.org is a for-profit foundation..

  4. #4
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    2,344

    Default Re: For-Profit Foundation

    Quote Quoting jirehlubrin
    View Post
    Google.org is a for-profit foundation..
    No, goggle.org is an integral part of Google Inc. You must be thinking of the Google Foundation, which is organized as a 501(c)(3) private foundation. That makes it not for profit.

    Mr. Knowitall is correct, there is no such thing as a for-profit foundation. A check at foundationcenter.org gave me the following definition:

    A foundation is a non-governmental entity that is established as a nonprofit corporation or a charitable trust, with a principal purpose of making grants to unrelated organizations, institutions, or individuals for scientific, educational, cultural, religious, or other charitable purposes. This broad definition encompasses two foundation types: private foundations and grantmaking public charities.
    Since "foundation" is not a legal term it could be used in a corporate name. For example, Joe's Foundation, Inc. could certainly be a company that builds foundations for houses. It would be a really really bad idea to use the word "foundation" in the name of a for profit corporation with the intent of trying to make people believe it is a charitable foundation.

  5. #5
    Join Date
    Mar 2009
    Location
    Key West, FL
    Posts
    2,350

    Default Re: For-Profit Foundation

    All secretary of state's block the use of certain names unless there is a license from the state, such as bank, insurance, broker, etc.

    I would be surprised if any of them would allow "foundation" to be used in the name of a for-profit corporation. There doesn't have to be any explicit law or rule, they have the power to just say no.

    Years ago I wanted to do a non-profit called the Atlantic-Pacific Security Organization. I did name checks in all 50 states. New York refused to let me register the name as they said there was a conflict with NATO. Who knew NATO was incorporated in New York and I didn't think it was a conflict anyway, but not a chance.

    I can not see any reason to do it unless it is a fraud of some sort. My crystal ball shows lots of people suing you in the future, the state attorney general suing you and seizing all of your assets, and then the IRS taking what is left.
    Yes, they can get blood from a turnip.

    In Nevada? Forget this scam. Set up a penny stock company and get traded on the pink sheets. Now that is a scam! (And one most people get away with.)

  6. #6
    Join Date
    Nov 2009
    Posts
    5

    Default Re: For-Profit Foundation

    I hear you brother. But check this link out:

    http://www.nytimes.com/2006/09/14/te.../14google.html

    But unlike most charities, this one will be for-profit, allowing it to fund start-up companies, form partnerships with venture capitalists and even lobby Congress. It will also pay taxes.
    If you want, go on google and type "google.org for-profit" and it will show you a bunch of websites and articles.

    ADDED

    http://www.google.org/foundation.html

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