East Bay Business Daily

What is the difference between an incorporation and a foundation?

My family is getting ready to open an NGO and are wandering what all these different things mean exactly. Incorporation. Foundation, Organization, Association. ETC ETC.

Public Comments

1. corporation definition cor·po·ra·tion (kôr′pə rā′s̸hən) noun 1. a legal entity that exists independently of the person or persons who have been granted the charter creating it and that is invested with many of the rights given to individuals: a corporation may enter into contracts, buy and sell property, etc. foun·da·tion (fo̵un dā′s̸hən) noun 1. an organization established to maintain, assist, or finance institutions or projects of a social, educational, charitable, religious, etc. nature, as by the making of grants 2. the fund or endowment used by such an organization to carry out its programs 3. an institution maintained by such a fund If your family intends o create an organization which is for the benefit os a certain group or individuals, which is not for profit, then foundation is it. If on the other hand, you want to go into business for profit, then a corporation is the one for you. Consult a laywer or a CPA for more qualified information