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Starting a successful foundation requires research, a specific mission, legal compliance, and planning. Research should identify a niche and other organizations supporting the cause. Legal requirements include obtaining a business license and tax-exempt status. A plan for all aspects of the foundation is essential.
A foundation is typically a non-profit organization that raises money or offers a service for a specific cause or purpose. The key component to starting and running a successful foundation is to think of the foundation as a business. Thus, starting a foundation requires the founder to do a lot of research and homework, be specific about the mission or purpose, follow all legal requirements, and plan for all the different aspects of the foundation.
Before starting a foundation, it is important to spend a lot of time researching various aspects of starting a non-profit organization and running a charity in general. One of the main goals of the research is to discover other organizations that support the foundation’s cause. Part of the research is determining where there might be a niche or area that is not currently being handled by another organization.
For example, there are numerous organizations that support the homeless. During the research phase, it may be discovered that a charity is needed to help homeless people go back to school and get an education.
The search for the cause should lead to a very specific purpose or mission for starting a foundation. Once you locate your specific purpose, continue your research to find statistics and facts about the specific niche your foundation will serve. Having a clear purpose provides clear direction, not only for starting a foundation but also for continuing to run it effectively.
When starting a foundation, there are numerous paperwork and paperwork that must be completed with local and federal agencies. The founder of the organization must be aware of the legal requirements for opening and operating a non-profit foundation. In the United States, it is best to contact the Secretary of State for the state where the foundation will be based to find out specific legal details about starting and operating the foundation. In other countries, any government entity that licenses these types of foundations will be the first stop in meeting any legal requirements.
Typically, starting a foundation requires the charity to apply for and obtain a business license. The founder must also choose a commercial structure for the charity, such as a public limited company or limited liability company (LLC). Also, the foundation may be eligible for a tax exempt status, so the founder must ensure that the correct documents are filed for the tax status of the organization.
Finally, starting and running a foundation requires that it be done in a similar way to any type of business. This requires a plan for all the different aspects of the foundation. A plan should be in place for marketing, development, programs, finances, administrative needs, and any other departments or areas that are required for the foundation to remain operational.
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