What is that bit about Bedrijfsaansprakelijkheidsverzekering at the end? I've never heard of business liability insurance before. Does Germany not have an equivalent of an LLC?
A stichting isn't nonprofit without ANBI status. They can do whatever they want with the money afaik (technically: anything in accordance with the bylaws, but they wrote the bylaws)
Business liability insurance is standard practice for those operating a foundation (the post calls it nonprofit but afaik that's not the same thing unless they intend to apply for ANBI status, after which you can donate tax-deductably, at least per my understanding)
I don't know if it's standard for other business types as well, like in a BV (afaik that's what you call LLC). If you're not the only shareholder, it might help prevent legal issues when you make some mistake and it just gets paid from insurance. That's the purpose of it in a stichting anyway (negligence claims; getting into debts where you could allegedly have foreseen that the foundation can't afford it)
That‘s Dutch, and the same sentence mentions Netherlands. Equivalent of LLC exists everywhere, but business insurance still makes sense if you want to stay in business after paying damages.
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What is that bit about Bedrijfsaansprakelijkheidsverzekering at the end? I've never heard of business liability insurance before. Does Germany not have an equivalent of an LLC?
He didn't create an LLC he's a 'stichting' which is basically a non profit with a specific goal to achieve.
He doesn't want to create an LLC because he doesn't want anyone to question his motives.
Also this is the Netherlands not Germany :)
A stichting isn't nonprofit without ANBI status. They can do whatever they want with the money afaik (technically: anything in accordance with the bylaws, but they wrote the bylaws)
Business liability insurance is standard practice for those operating a foundation (the post calls it nonprofit but afaik that's not the same thing unless they intend to apply for ANBI status, after which you can donate tax-deductably, at least per my understanding)
I don't know if it's standard for other business types as well, like in a BV (afaik that's what you call LLC). If you're not the only shareholder, it might help prevent legal issues when you make some mistake and it just gets paid from insurance. That's the purpose of it in a stichting anyway (negligence claims; getting into debts where you could allegedly have foreseen that the foundation can't afford it)
That‘s Dutch, and the same sentence mentions Netherlands. Equivalent of LLC exists everywhere, but business insurance still makes sense if you want to stay in business after paying damages.