Standard Form, Foundation

[MJF132]

Foundation​

Business Name – required
-# Must not cause serious confusion with an existing legal entity, falsely imply governmental status, or falsely imply a licensed activity you are not licensed to carry on. s.7(1)–(2)

Type of firm – required
-# Seven incorporated forms under s.5(3). A general partnership need not file at all; filing brings it under Parts III and V without limiting any partner's liability. s.35(4)

Incorporators – required
-# Everyone forming the entity. Unless you name first directors below, the incorporators serve until directors are appointed. s.18(2)(c), s.27(3)

In-Game Company – required
-# Every incorporated entity must maintain a corresponding in-game company in the business plugin. s.8(1)

Purpose – particular required
-# "Any lawful activity" is NOT sufficient for a foundation. State the purpose with enough particularity that a court can determine whether a given act furthers it. s.57(1)(a)

Form: Standard Form

Initial Endowment – required
-# What the foundation starts with. May be nil, but must be stated. s.57(1)(b)

First Directors – required
-# A foundation has no members and no owners, so the board is everything. s.57(1)(c)

Succession – required
-# How successor directors are appointed and removed. Keeping this power yourself triggers a presumption that you still control the assets. s.57(1)(c), s.60(3)(b)

Dissolution Destination – required
-# Where the net assets go. A named entity, another foundation with a substantially similar purpose, or the Government. s.57(1)(d)

Amendment of Purpose – required
-# How the purpose may be amended. Say nothing and it can never be amended except by the Federal Court, choose deliberately. s.58(3), s.58(4)

Beneficiaries – optional
-# Optional, and consequential. Naming yourself presumes you retain control of the assets, and a creditor may then enforce against them as if they were yours. s.57(5)(b), s.60(3)(a)

Legal Correspondence – optional
-# One individual to receive legal correspondence. Effective for service only if they accept the designation and have joined the server in the previous 30 days; otherwise, service falls through to your directors. s.17(3), s.13(1)(a)

Elections - all optional, leave blank for the statutory default​

-# A Supervisory Board, and how it is appointed, a fixed term. A foundation may not convert into any other form, and never qualifies for the small-entity exemption. s.58(2), s.22(5), s.76(3)(b)

(Do you acknowledge that all information provided is truthful and accurate to the best of your knowledge?) – (Yes)
This entity is licensed as a Foundation

licensed to carry on. s.7(1)–(2)

Type of firm – required
-# Seven incorporated forms under s.5(3). A general partnership need not file at all; filing brings it under Parts III and V without limiting any partner's liability. s.35(4)

Incorporators – required
-# Everyone forming the entity. Unless you name first directors below, the incorporators serve until directors are appointed. s.18(2)(c), s.27(3)

In-Game Company – required
-# Every incorporated entity must maintain a corresponding in-game company in the business plugin. s.8(1)

Purpose – particular required
-# "Any lawful activity" is NOT sufficient for a foundation. State the purpose with enough particularity that a court can determine whether a given act furthers it. s.57(1)(a)

Initial Endowment – required
-# What the foundation starts with. May be nil, but must be stated. s.57(1)(b)

First Directors – required
-# A foundation has no members and no owners, so the board is everything. s.57(1)(c)

Succession – required
-# How successor directors are appointed and removed. Keeping this power yourself triggers a presumption that you still control the assets. s.57(1)(c), s.60(3)(b)

Dissolution Destination – required
-# Where the net assets go. A named entity, another foundation with a substantially similar purpose, or the Government. s.57(1)(d)

Amendment of Purpose – required
-# How the purpose may be amended. Say nothing and it can never be amended except by the Federal Court, choose deliberately. s.58(3), s.58(4)

Beneficiaries – optional
-# Optional, and consequential. Naming yourself presumes you retain control of the assets, and a creditor may then enforce against them as if they were yours. s.57(5)(b), s.60(3)(a)

Legal Correspondence – optional
-# One individual to receive legal correspondence. Effective for service only if they accept the designation and have joined the server in the previous 30 days; otherwise, service falls through to your directors. s.17(3), s.13(1)(a)

Elections - all optional, leave blank for the statutory default
-# A Supervisory Board, and how it is appointed, a fixed term. A foundation may not convert into any other form, and never qualifies for the small-entity exemption. s.58(2), s.22(5), s.76(3)(b)