Late! works in a similar way as any other business, having to pay salaries to its workers as well as market prices for the products and services it receives from its suppliers and distributors. The difference with other companies is that the generated profits are delivered entirely to social projects, instead of being withdrawn by the partners of the company.
The creators and owners of the company are working in other companies completely unrelated with Late!, where they earn their salaries.
The work carried out in Late! is completely voluntary.
Nowadays, Fundación Elige Bien owns 99.9% of Late! and only 0.1% belongs to its founder Pedro Traverso, who maintains that symbolic amount only to prevent the dissolution of the limited liability company, since this type of companies require at least 2 partners.
Each of the founders of Late!, who now constitute the Board of Fundación Elige Bien work in other companies, allowing them to work for free in Late!
The founders of Late!, and today’s directors of Fundación Elige Bien are:
• Christopher Barros (firstname.lastname@example.org). Lawyer U. of Chile, Coordinator for Chile’s International Program of Technical Assistance of the Interior Department of the United States.
• Juan Pablo Larenas (email@example.com). Commercial Engineer, U. de Chile, MSc London School of Economics. Executive Systems Director B.
• Paula Margotta (firstname.lastname@example.org). Lawyer, U. de Chile. Social MSc. Political Sciences and Development, London School of Economics. Member of the Center of Public Policies at UC.
• Manuel Matta (email@example.com). Lawyer, U. of Chile, Member of Estudio Aylwin Abogados, MLA U. of California, Berkeley.
• Francisco Ruiz (firstname.lastname@example.org). Lawyer, U. de Chile. Director of Universidad del Trabajador, INFOCAP.
• Pedro Traverso (email@example.com). Agricultural Engineer and MBA UC, MSc. Industrial Engineering, U. of California, Berkeley. General Manager and Consluting CEOP.
Fundación Elige Bien, the current owner of Late!, is a non-profit organization, whose purpose is to develop and promote companies whose objective is the social benefit of our country. This NGO was simultaneously developed by the founders of Late!
Considering that Late! is a commercial company, the law demands not to donate more than 5% of its profits. Donations exceeding that percentage are considered as tax payments, thus they are considered as withdrawals from the partners. To be able to donate 100% of profits, the property of Late! was transferred to Fundación Elige Bien. Taking into account that Late! is a non-profit organization, the company is able remove the company’s profits and pass them on to other non-profit organizations.
Like any other company, the profit generated in each period for the products’ sales is calculated as follows:
INCOME – EXPENSES = PROFIT
The incomes come from the sale of the products. Expenses include the cost of production, distribution, marketing, financing, and administration, as well as the working capital required to finance the operation for the next period.
In a conventional trading company, the profit is withheld or withdrawn by the owners of the company. This is the profit that Late! transfers to the social projects it supports.
You can check all of Late!’s accounts here
No, all the people who work at Late! receive a salary similar to what you would probably earn working at any other company.
The company chooses good directors, advisors, partners, and a trustworthy and growing body of professional volunteers who work and support Late!- These people do not receive any type of special compensation beyond the satisfaction of collaborating with this project.
You can meet the entire work team . here
Late! seeks to promote a more equal market economy, transforming the consumption of massive products into an act of solidarity.
To achieve this, Late! looks for ways to deliver equally reliable and affordable market products to consumers, but offering the opportunity to make a concrete social contribution, handing in all the generated profits to organizations dedicated to assist and protect the most vulnerable people in our country.
The vision and goal of Late! seeks to contribute to the development of an ethical consumption in Chile and in Latin America, encouraging a critical spirit among people at the moment of choosing a product.
Late! is well aware that plastic bottles are a real problem for the product it sells. This is why the company helps and promotes the recycling plan management of the companies that buy their products.
100% of the profits generated by Late! are given to non-profit organizations and social corporations, who are members of the Comunidad de Organizaciones Solidarias (more info here) that work with the most vulnerable people in our country.
Each non-profit organization that gets customers to purchase Late! receives the profit generated by that sale. The profit generated from the sales of Late! products to clients that are not provided by a NGO is given to specific purposes, from the non-profit organizations associated with Comunidad de Organizaciones Solidarias, which are selected by the Late! team.
All donations made by Late! can be viewed by simply clicking here .
All NGOS or corporations that are members of the “solidarity community”, and do work with the most vulnerable people in our country, can acquire customers for Late!, and receive all profits generated by the sale of products to those customers. In this way, Late! gives social companies a new way to finance the important work they do.
Seeking to promote, strengthen, and encourage the collaboration among the Chilean solidarity organizations, and in order to develop practices that install solidarity as a permanent and transcendent value in our society, this organization arises in the year 2007 and its named Organización de Comunidades Solidarias.
This community brings together more than 100 non-profit organizations, with various specific social projects throughout the country (details here).
For Late!, a key issue is the confidence of all those who prefer their products, confidence that needs to be protected through the company’s transparency in all its commercial and administrative management.
Additionally, the Organización de Comunidades Solidarias will act as a certifying organism to which all financial contributions are delivered and used properly by the beneficiary social non-profit organizations.
All of Late!’s products are produced under the strictest quality standards in the industry.
In the case of sodium-free purified water, both the water and bottling process ensure that the quality of this product is equal or superior to other available products in the water market.
In the case of milk, our products are subjected to strict controls, thus producing first quality products and a full satisfaction from our customers.
There are two types of waters that are commercialized in the market: mineral water and purified water. Late! produces purified water. This type of water is sodium free, which is recommended for people who suffer from hypertension or who have high pressure problems.
Late! is a trading company which was founded by five Chilean professionals, who, motivated by their learning experiences in different volunteer actions, decided to create the first 100% social commercial company in Chile.
Late! also includes a directory constituted by important businessmen and people who are related to the social world, who, through their vision, ensure that the efforts of the company are directed to fulfill its dream and mission.
Currently, Late! belongs in a 99.9% to Fundación Elige Bien, which was created by the same founders of the company, in order to ensure the social end of the company, and reduce the tax burden that involves every donation. The remaining 0.1% belongs to Pedro Traverso, one of the founding partners of the company. This legal figure was established due to current laws that allows companies to donate only up to 5% of its profits. Percentages exceeding the law are listed as rejected charges and are subject to strong tax rates. Fundación Elige Bien, as the owner of the company, can withdraw their profits and pass them on to other non-profit organizations, without paying the taxes associated with the rejected expenses.
The water and drink’s market, as well as the milk market, is very competitive and it’s dominated by large companies, which makes a difficult task to get new sale locations for Late! products.
Nevertheless, all the members and friends of Late! work every day so that the products of the company are present in most retail outlets, carrying our messages of hope and solidarity to more places and markets.
There are two main ways in which you can support Late!: preferring our products where they are available, and helping to make them available in more locations. If you work in a company, restaurant, pub, shop, gym or any premises where water is used, you can promote Late! products. Orders can be made at firstname.lastname@example.org/nsitio or in our website.
Learn more ways to collaborate with Late! In the section “Join us” on our website.
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