[ExI] Important question - need your advice
Gina Miller
nanogirl at halcyon.com
Mon May 14 05:28:32 UTC 2007
My husband and I are a DBA (doing business as) joint sole proprietor company (not cooperation) registered with the state of WA (state business license). It is indeed that the approach of my project is a common meme to those who I would (if I can) ask for financial support, they might see it as in their best interest to support my project. My project will be supporting many topics that are mutual to the potential individuals and groups. So instead of pay back it would be that they would (I am hope) be willing to support my project and it's final output because it might bring attention to their own work. So you think this would all be okay? Wish I could find documentation on this...
Sorry about being vague, it's only due to the stage I am in, but the project is in more clear terms. And I would of course would be able to explain this in great detail and why it would be of significance to those that I approach.
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: Samantha Atkins
To: ExI chat list
Sent: Sunday, May 13, 2007 4:50 PM
Subject: Re: [ExI] Important question - need your advice
Gina Miller wrote:
> 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?).
As far as I know (IANAL) you can certainly ask for funds for a project
whether you are just a private person or a company. What form of
company though, corporation or not? The form can make some
differences, among other things as to tax treatment of these donations
at your (or your company's) end. If the money is to fund a for profit
venture it is possible that some of the donors may expect compensation
for use of their funds. I don't think it is reasonable to ask people
for use of their money without spelling out what they can expect at
least in terms of being paid back. From a professional point of view
it makes little sense to spend money, especially other people's money,
on something you merely hope will turn a profit someday. If it is
something people will donate to just because they want to see it in the
world then that is fine. I don't believe there is a limit on taking
donations for such a thing. But I do think you should set up an
agreement to pay people back if this does turn a profit.
You say you are not asking for investors but it seems to me that is what
you are doing. Only you are asking for investors who will receive no
repayment and no profit even if there is some beyond seeing you get to
do whatever the project is. If it is a project or projects that some
people or organization are interested in funding then they are
contracting with you or your company to accomplish this project in
return for their funding. That is perfectly legit it seems to me. But
I think in needs to be made a bit more crisp and clean than seems
evident in your description. This is a matter of protection for all
concerned.
- samantha
> 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 <mailto: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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