For the company to have the status of « deductible gift recipient », it must: Use Cleardocs to electronically file the application for registration of the company with ASIC In summary, guarantee companies are often used for charities, associations, sports associations, member organizations, NGOs and other social enterprises. They are essentially set up to provide services to the non-profit public. Although this process is separate from the company`s application for registration and cannot be done through Cleardocs, you should consider the following: if you have this work done by our legal advisors at Maddocks, Maddocks will use Cleardocs to apply to ASIC to register the company. Then your order for the company, along with any other Cleardocs orders you have, will be displayed on your Cleardocs profile. This type of business is not required to seek approval as an income tax exemption. Instead, they judge their status themselves. However, before doing so, they should seek legal advice to ensure that the business fits into one of the required categories. Examples of relevant organizations are: a non-profit organization, a sports organization, an educational institution, a religious organization – for the full list, click here. In addition, profits are generally not distributed to guarantors, as they are instead reinvested to promote the company`s public utility objectives. If the profits are distributed to the owners, the company loses its right to apply for public utility status. Introduction Why use a warranty company? Limitation of Liability What is different about a warranty company? Members, non-shareholders Directors No « non-profit » share capital Exemption from « Limited » at the end of the name Community limited liability companies Related links Related topics You should seek legal advice if your company meets the requirements of tax law.
Inform Direct makes it easy to run a limited liability company by guarantee by helping you keep records for members and directors, keep legal records, and make submissions to Companies House. In both a limited liability company and a company limited by guarantee, the persons who run the company (the directors) assume personal liability for the debts of the company only if they have been guilty of a fault, such as for example. B illicit or fraudulent trade. A non-profit corporation limited to security may be exempted from the position of the term « Limited » (or « Ltd ») at the end of its name if it was incorporated for certain objects. It is the promotion of commerce, art, science, education, religion, charity or any profession. However, we may take action if the outcome of a dispute is likely to have an impact on the company`s wider investment audience or creditors, or if there is significant misconduct on the part of the company`s officers, senior managers or employees. . . .