[OmniOS-discuss] Legal next steps

[Doug Hughes]

Having done this once before, if done in the USA, NJ and DE are somewhat
preferred states for ease of such 501c3 incorporation. lowest fees,
smallest hurdles, etc.

If NJ.US is acceptable/chosen I'm very proximate to Trenton and could
facilitate any in-person matters.


On 5/16/2017 9:22 AM, Theo Schlossnagle wrote:
> My experience here is limited to the United States for approaching
> these problems.  I don't mean to indicate that it is the right
> solution, but I can only speak of what I know.
>
> A legal entity must hold the assets. That can be a person, or a trust,
> or an corporation or a community*, etc.  Community here is defined in
> such a way by the IRS that I don't believe we would ever quality (and
> it's never worth arguing). Given the history of "things" I would steer
> away from an individual and I feel that given unknown nature of assets
> required to operate and our weak starting point that a trust is likely
> not self-sustaining.
>
> What I would suggest is us setting up an corporation here in the US,
> setting a purpose and a missions statement (that includes education
> and science as we do those and they are eligible for non-profit
> status), elect 5-7 board members (who will be legally responsible for
> the entity) come up with a small operating budget (< $10k USD) and
> apply for non-profit (501(3)c).  This process would take a few
> hundreds of dollars.
>
> Then we request that OmniTI donate the appropriate assets related to
> OmniOS.  This organization can take donations (from basically
> anywhere) and apply them to operational costs to forward its mission. 
> There is a chance that this organization could be denied non-profit
> status as the IRS is (sadly) a bit odd when it comes to approving that
> for initiatives for the public good if their around open source
> software.  I don't see that as a specific risk, it only means that
> donations made are not tax-deductible.
>
> The gating factors here is can we get 5-7 people willing to
> participate as legally responsible board members (I am not a lawyer,
> but the risk is very lower here as there is very little money involved).
>
> Back to my first point, if there is a better avenue outside the United
> States for this, I would love to be educated about it.
>
> Best regards,
>
> Theo
>
> -- 
>
> Theo Schlossnagle
>
> http://omniti.com/is/theo-schlossnagle
>
>
>
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