[Foundation-l] Wikimedia UK v2.0

[Alison Wheeler]

On Fri, August 29, 2008 01:03, Thomas Dalton wrote:
> At the moment, however, a
> company limited by guarantee is pretty much the only option that
> protects the board.

The issue is not so much one of protecting the Board (though that is, of
course, a good thing!) but that with a non-incorporated body all monies
are deemed to be the personal assets of those involved (bad for tax) and
hence people - especially possible large donors - will not give money as
it has no 'independence'. A 'Body corporate' is the only way to protect
funds with proper disclosure and financial security (and Directors are
personally liable if company funds are misused too).

Alison