•(ONCA cont’d)
–If a non-charitable corporation
is concerned about moving in and out of PBC status, it can voluntarily
be structured as a PBC
§Ensure 2/3 of directors are not employees (but charities cannot have any directors who are employees)
§Ensure the articles provide that property will be paid to another PBC with similar purposes or to a government or government agency upon liquidation
–For those years
when it exceeds the $10,000 threshold
§Follow audit and
review rules for PBC corporations - may not be an issue if
the corporation’s practice is to have its financial statements
audited
•
•
•