The Ontario not for profit corporations act is getting a much needed facelift. Particularly, not for profits are now able to engage in commercial activities. The revenues from such activities can be reinvested in the corporation's not for profit purposes.
This means that social enterprises are actually supported and encouraged it seems. An excerpt from the changes.
- Simplifying the incorporation process. The current incorporation process is complex and lengthy, normally taking six to eight weeks to incorporate. Under the new Act, incorporation could take only a few days.
- Allowing not-for-profit corporations to engage in commercial activities where the revenues are reinvested in the corporation's not-for-profit purposes.
- Providing directors and officers better protection from personal liability.