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

FWIW … there is legislative changes in our legislature that look like it will pass this fall which will implement “Benefit Company” as a legal entity type in BC. However, implementation not till Fall 2019 I think.

J

https://www.leg.bc.ca/parliamentary-business/legislation-debates-proceedings/41st-parliament/3rd-session/bills/first-reading/m216-1


http://www.andrewweavermla.ca/2018/05/17/bc-green-bill-enable-incorporation-benefit-corporations-passes-reading/




From: Christopher Allen <ChristopherA@lifewithalacrity.com>
Date: Thursday, August 16, 2018 at 11:38 AM
To: Adam Lake <alake@digitalbazaar.com>
Cc: "public-veres-one@w3.org" <public-veres-one@w3.org>
Subject: Re: PROPOSAL UPDATED: Incorporate the Veres One Non-Profit Foundation
Resent-From: <public-veres-one@w3.org>
Resent-Date: Thursday, August 16, 2018 at 11:37 AM

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

Received on Thursday, 16 August 2018 18:51:01 UTC