Slartibartfast (otherlleft) wrote in eataran_lj,

Corporate Thoughts

First, I'm really glad that this forum is available for this discussion, since there are obviously strong opinions on both sides, and that suggests it was overdue to be discussed. I'm also glad that, although it's been a little rancorous, it looks like no one's taken it too personally.

I had a few open questions about incorporation. As I've stated, I am familiar with the process and the structure, both by having done so and working with incorporated non-profits, and I was originally supportive of the idea. It's been stated that incorporation would be transparent to the membership, and I need some clarification about that point.

If it's true that the Elders would function as officers, would that be automatic? Would all Elders be officers, and vice-versa? Officers are selected by the Board of Directors; who will be members? Board members are elected by shareholders; how does one acquire shares?

One concern that was raised was a repeat of the situation in which an Elder disappeared with the financial and insurance records - a corporate account and policy could solve that, since other officers could reconstruct the information more easily. If we incorporate we will have a seal, book of shares, ledger, minutes of annual meetings, etc. What safeguards would be put into place to prevent these documents from being lost?

Who would be permitted to be in attendance at the annual meeting? Who would not be permitted?

Will Falo pursue copyrights on its name and graphic representation, giving Falo, Inc., the right to prevent individuals from using same? What policies would be formed to keep our symbols from being used inappropriately? Who would participate in forming the definition of appropriate usage?

Will Falo, Inc., be purchasing financial software?

At what point will the corporation be required to have a financial review (which is less stringent than an audit) by a certified public accountant? What plans are in place to ensure a sufficient income stream to pay this additional expense? To whom will this report, and other financial reports, be available?

Will donations to Falo, Inc., be tax-deductible (i.e., will it have 501(c)(3) status)? If so, what will constitute a donation? Who will determine what portion of payments to such events as Springfest should be considered tax-deductible? Who will issue receipts to be used by the donors for their taxes?

Most important of all, is this a "done deal," as one Elder claimed to me?

I am looking forward to the answers to these questions, which I have no doubt have already been discussed.
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