Difference between revisions of "Archive:Incorporation"

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(Pros)
Line 5: Line 5:
 
= Pros =
 
= Pros =
 
Reasons we'd want to incorporate:
 
Reasons we'd want to incorporate:
 +
* To support a paid staff
 
* We can eventually become a 501(c)3 and accept donations from people to whom tax-deductibility is important
 
* We can eventually become a 501(c)3 and accept donations from people to whom tax-deductibility is important
 
* We can join iCommons if we become a 501(c)3
 
* We can join iCommons if we become a 501(c)3
 +
* Many more grants are open to 501(c)3s
 +
* it increases our creditability as an orginization
 +
 
= Cons =
 
= Cons =
 
* We have to pay a $XXX fee in Mass, or a $YYY fee in Calif., or a $ZZZ fee in New York
 
* We have to pay a $XXX fee in Mass, or a $YYY fee in Calif., or a $ZZZ fee in New York

Revision as of 11:26, 3 August 2007

This page will become more updated when Gavin Baker sends out an email with his ideas on pro/con toward the end of 2007-07-17.

History

We were once registered as an incorporated entity in Florida. We are no longer because we let it lapse.

Pros

Reasons we'd want to incorporate:

  • To support a paid staff
  • We can eventually become a 501(c)3 and accept donations from people to whom tax-deductibility is important
  • We can join iCommons if we become a 501(c)3
  • Many more grants are open to 501(c)3s
  • it increases our creditability as an orginization

Cons

  • We have to pay a $XXX fee in Mass, or a $YYY fee in Calif., or a $ZZZ fee in New York
  • We could get audited if we have more than $2M in CA or
  • We have to pay the IRS $X in 501(c)3 filing fees
    • Plus about $1500 in legal fees or find a pro-bono lawyer