Re: PROPOSAL UPDATED: Incorporate the Veres One Non-Profit Foundation

On Thu, Aug 16, 2018 at 11:17 AM Adam Lake <alake@digitalbazaar.com> wrote:

> *Christopher Allen*: 0, Abstain
>
To be clear, I am abstaining as I don’t believe the best option is either a
non-profit or foundation. There are other ways to demonstrate fiduciary
responsibility and benefit to the community. The tax issues can also be
addressed other ways.

My personal experience with both non-profits and foundations is that they
are often not worth the trouble unless there are significant individual
patrons that wish to write off donations in their country of taxation,
which I don’t believe is applicable to us — corporations can also write off
expenses. The regulatory requirements for these entities are also
burdensome and limit types of governance and changes to governance models
which I believe are evolving right now.

I abstained as feels to me that the decision as already been made that you
must form a non-profit or foundation, without sufficiently exploring
options for a benefit corp with strong transparent governance, and dealing
with tax issues other ways. but “perfection is the enemy of the good” and
if the team largely wants to go the “traditional” way I don’t want to block.

— Christopher Allen