[ExI] Important question - need your advice

[Joseph Bloch]

Legal? Yes. Nothing illegal about saying "please send money" as long as
you're not promising anything you cannot (or do not) later deliver. 
 
Practical? Not so much.
 
Essentially, you're asking for donations for a for-profit organization.
There's certainly nothing wrong with doing so, and if you can convince
people or other organizations to give you free money, more power to you. But
unless you're a registered non-profit organization, the money that people
give you will not be tax deductable, and without that small incentive, I
think you'll find yourself hard-pressed to get anything beyond the odd $20
donation here and there. 
 
Joseph
http://www.josephbloch.com


________________________________

	From: extropy-chat-bounces at lists.extropy.org
[mailto:extropy-chat-bounces at lists.extropy.org] On Behalf Of Gina Miller
	Sent: Sunday, May 13, 2007 3:26 AM
	To: ExI chat list
	Subject: Re: [ExI] Important question - need your advice
	
	
	Perhaps I need to clarify a little I am registered and have been set
up this way for years now, but I don't plan on any investors or loans etc.
What I'm trying to figure out is if it is legal for me to ask for funding to
get a particular project started? I know that non profits ask people for
financial support, but is that allowed for a company? Am I allowed to get
what amounts to donations or raise funds to develop a particular project
that will later go to sale (if it has a theme that is supported by the
funders?). I am not actually hired by anyone. And I am not asking for
investors. Can I get support for a project? I really need some help trying
to figure this out! Thank you, Gina 
	
	 
	Gina "Nanogirl" Miller
	Nanotechnology Industries
	http://www.nanoindustries.com
	Personal: http://www.nanogirl.com
	Animation Blog: http://maxanimation.blogspot.com/
	Craft blog: http://nanogirlblog.blogspot.com/
	Foresight Senior Associate http://www.foresight.org
	Nanotechnology Advisor Extropy Institute  http://www.extropy.org
	Email: nanogirl at halcyon.com
	"Nanotechnology: Solutions for the future."

		----- Original Message ----- 
		From: Stirling Westrup <mailto:sti at pooq.com>  
		To: ExI chat list <mailto:extropy-chat at lists.extropy.org>  
		Sent: Saturday, May 12, 2007 6:01 PM
		Subject: Re: [ExI] Important question - need your advice

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		Gina Miller wrote:
		> Hello everyone, I have some questions that I thought some
of you might be able to answer. Okay if I am set up as a company (that can't
change either), and I am beginning a project that I will need money to
create, (but hopefully later will make sales) what are my legal ways of
obtaining money to get the project started. Is it legal to get funding from
individuals and other groups if I am a company, or is that only for non
profits? Do you guys know what my options are or how I can go about getting
money to start a project that is under a registered company? I am not being
'hired' but the content of my project may be of interest to people,
companies, and non profits that are close to me. That's why I had been
thinking I could ask, but I don't know if as a company that is possible, is
there a way? Any advice and information would be greatly appreciated. 
		> 
		My experiences are Canadian, so your laws may well differ.
When I (and a few
		others) started up Strategy First many years ago, we went to
everyone we could
		think of that might be interested and asked them to invest
some minor amount
		($25 - $1000, basically whatever we thought we could get).
Since we weren't
		even incorporated yet, just registered, we wrote receipts
that said it was a
		loan to the company. We used that money to pay for phone
calls and
		correspondence with bigger investors. (This wasn't my
department, so I'm a bit
		vague on how we did it.) When we had secured sufficient
money, we hired a
		lawyer that set up a share system, and then we offered all
our creditors the
		option of being repaid in shares. Since they had been told
this was the plan
		when first approached, they all agreed.
		
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