[oi-dev] is there a vector for donating to OI?

[Ken Gunderson]

At Thu, 06 Sep 2012 15:57:13 -0400,
<magnus at yonderway.com> wrote:
> 
> 
> 
> On Thu, 06 Sep 2012 13:54:02 -0600, Ken Gunderson <kgunders at teamcool.net>
> wrote:
> 
> > The foundation doesn't necessarily need to govern anything.  Indeed,
> > my preference is that it would not.  Rather it just needs to be a
> > shell legal entity that can deal with legalities such as banking and
> > copyright type stuff.  The community at large can still direct/weigh
> > in on decisions w/o a whole lot of change from how things are handled
> > presently.
> 
> That's the thing, though; there is no such thing as an ungoverned shell
> corporation (at least in the US). You must, in order to be able to accept
> definitions, have articles of incorporation, trustees, something like a
> board of directors, regular board meetings, financial statements, etc. You
> can't just file a piece of paper once and forget about it. The fine details
> of all of this stuff are somewhat malleable but there very much needs to be
> governance in place to establish, and maintain, a not-for-profit entity.

Doesn't need to be a "C" corp.  Keep it simple.  Maybe an LLC or "S"
corp?  I think all that is needed is a secretary and president.  Heck,
I think for an S Corp they can even be one in the same.  Need to
refresh my memory, but I think you can get away with a single annual
meeting.  I've participated in ones for the family business around the
x-mas holidays and we talk mostly about craft beer because there's not
much more that really needs to be discussed.  You just need to
document that you had one and who was there.  Maybe a different story
is you're a multi-million dollar C Corp.  But OI is not so there's not
a need to make much ado about nothing.  KISS.

My $0.02.  I'm not a lawyer and you get what you pay for...

Ciao-- Ken