A hybrid corporation (ie both “for profit” AND “not for profit”?)
I was listening to the tour of the Online Essentials law library I’ve mentioned to many of you. This is the library of over 50 different contracts that is provided by lawyer Corinne Boudreau, who is one of our instructors. She has a live Facebook group on Fridays at noon (est) where feedback/questions are given and answered – and new needs are identified. She has recently done a launch for this fall before she raises prices next year – and if you’ll remember – I am an affiliate for her (that reduces your cost by 20%. If you want to know more – let me know.
In the tour, I was able to ask a question about whether there is such a thing as an incorporation structure in Canada that combines both for profit and not-for-profit elements – to bring social enterprise to life.
In response, Corinne noted that there is such a structure in Nova Scotia – where Corinne practices – which allows social enterprises to gain the best of both worlds. I was intrigued because I have been considering expanding the Ask learning platform and offering it to not-for-profits…but to do so I would have to also be a not-for-profit. One other benefit I’d like to explore is the possibility that this kind of hybrid organization may be eligible for grants (which would be pretty cool!)
If you are interested in this information – here is a link I’ve found (apparently there is a federal level as well. I am going to look into this further – let me know if you care to join me in investigating this.
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 6,500 coaching and training sessions in-person and online. Through Ask For Directions Training, her entrepreneurial training program (and parent company Grow Vantage), and as a business coach, she works with start-ups who are new (or who have lost traction) to design, launch and grow their businesses. Along with 20 other expert instructors she teaches strategies in marketing, sales, communications, and finance, as well as practical techniques to increase productivity, and manage their businesses. In other words, everything entrepreneurs need to learn to grow and run their businesses successfully, and avoid the costly mistakes they can't even see coming - that lead to delays in growth and getting stuck.