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

On 08/16/2018 03:48 PM, Jordan, John CITZ:EX wrote:
> C3 status allows entrepreneurs in B.C. to pursue social goals
> through their businesses while still generating a profit and
> providing investment opportunities to like-minded investors.

The other issue that we found while looking at these sorts of
organizations, and we did spend a LOT of time looking (partly because we
were considering shifting Digital Bazaar to this sort of organization),
was the control and tax implications.

At present, there are no plans for Veres One to raise funding via stock
sales (and that's one of the reasons C3s and CICs exist)... and I'd
argue that has a non-zero chance of poisoning the vision and the mission
over time.

One of the goals here is to speak the same language as many in the world
and for better or worse, non-profit/foundation/society is the thing that
has the best political stability, tax structure for the sort of
distribution of funding we're proposing for Veres One, enables
tax-deductible contributions and rollovers to be made, does not create
the complexity of stock issuance/dividends/etc., and is most widely
supported by law across multiple jurisdictions/countries around the world.

Yes, there are always examples of inefficient, burdensome, and badly run
non-profits. It's our job to make sure this one doesn't become one of
those... and if it does, push for a different structure once it's clear
that moving to that structure would leave the Veres One Community in a
better place.

Christopher, I expect that a discussion on the right long-term home and
structure for the Veres One Foundation is one that will be a perennial
topic of discussion... and our work mode in this group enables us to
continue to have a healthy debate over that throughout the years.

For now... we have to start somewhere, and I don't think anyone is
saying that what has been proposed is an unrecoverable error.

-- manu

-- 
Manu Sporny (skype: msporny, twitter: manusporny, G+: +Manu Sporny)
Founder/CEO - Digital Bazaar, Inc.
blog: Veres One Decentralized Identifier Blockchain Launches
https://tinyurl.com/veres-one-launches

Received on Thursday, 16 August 2018 20:39:40 UTC