Starting a social enterprise
Originally published: 06/05/2021 15:47
Publication number: ELQ-64694-1
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Starting a social enterprise

In this video, I talk about the steps that social innovators and social entrepreneurs can follow to help them to create

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In this video, I talk about the steps that social innovators and social entrepreneurs can follow to help them to create a social enterprise. I define a social enterprise as organizations that seeks to solve social problems profitably. I talk about the various categories of social enterprises. I show how this is different from the traditional charity and non-governmental organization (NGO), which is commonly referred to as a non-profit. I talk about how social enterprises are becoming popular among millennial entrepreneurs. I provide various examples of social enterprises so that viewers fully understand the context. I talk about the tax implications of social enterprises. Depending on the location of the viewers, the tax implications will defer. However, in Canada, there are three categories of business incorporation: (1) charity, (2) non-profit, or; (3) for-profit. Charities and non-profits, who provide support to the government are heavily-reliant upon them for grants to address their social mandates, do not pay tax. Equally, by addressing social needs, social enterprises also provide support to the government, but their profit motivations enable them to scale quicker without having to rely on government grant support. Thus, providing greater benefit to society. However, social enterprises are required to incorporate as for-profits and must pay the same corporate tax rate, upwards of 38%, as any other business in this category.

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