School Building/Foreign ownership-Liability

J

jrf

Bronze
Jan 9, 2005
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We have the funds to purchase a building and or build a school.

Now, we don't want the pastor and administrator to have sole ownership but we are unsure if we want that either.

We could share the title but am wondering - with foreign ownership who is liable for an accident or other unfortunate incident?

For example - child falls down and breaks a leg? or gets ill from the lunch?

What is best option for ownership?
 
Hillbilly

Hillbilly

Moderator
Jan 1, 2002
18,948
514
113
Those would be the least of your worries. Liability in the DR is pretty much a joke...
However, your uneasiness is correct.

I would set up a corporation or a foundation and put the pastor as the #1 person, but maintain stock control (of a corporation) of the assets...

Lots of ways to skin this cat. Let's see what the DR1 Legal Expert comes up with...

HB
 
J

jrf

Bronze
Jan 9, 2005
1,020
12
38
I agree with the corporation registration.

Non Profit registration is preferred however takes almost a year to complete and we would like to start quite soon.

Corporation takes about 2-3 months?

Could we purchase the land and start construction and then transfer title over once incorporated?
 
F

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
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www.drlawyer.com
You should create a local NGO in order to be tax-exempt locally. For a foreign NGO you would have to go through the process of validation in the DR. Incorporating an NGO should not take so long as a year.
 
J

jrf

Bronze
Jan 9, 2005
1,020
12
38
Thank you for the reply.

Could we purchase now under the Dominican name and then once NGO is set up transfer over?

What kind of taxes are involved if all of the funds are coming from Canada?
The purchase taxes on land/materials and or a building?
 
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