Google (GOOG) founders have set up a philanthropy with seed money of about $1 billion mandating work to be done to tackle poverty, disease and global warning.
Unlike most charities, this one is a for-profit venture, allowing it to fund start-up companies, form partnerships with venture capitalists and even lobby Congress and pay taxes.
According to this NYTimes.com by choosing for-profit status, Google will have to pay taxes if company shares are sold at a profit — or if corporate earnings are used — to finance Google.org. Any resulting venture that shows a profit will also have to pay taxes. Shareholders may not like the fact that the Google.org tax forms will not be made public, but kept private as part of the tax filings of the parent, Google Inc.
Know More about business start up funds at EnablingAngels.com.
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