2024-09-26 12:26:35
While the ethicality may be debatable, it is LEGAL to convert a nonprofit to a for-profit upon meeting certain conditions. [Link][Link][Link] NEEDS_MORE_RATINGS(53-8-41) Author
2024-09-26 12:52:11
NNN Elon said you cannot *just* convert from non profit to profit. Not that it's impossible. NEEDS_MORE_RATINGS(30-0-31) Author
2024-09-27 02:01:36
Elon has stated it's not legal. That's not an opinion, it's a statement of fact. The Elon bootlickers abusing CNs to protect him should learn the difference. [Link] CURRENTLY_RATED_NOT_HELPFUL(7-1-15) Author
2024-09-27 07:11:42
U.S. law allows non-profits to be converted into for-profits: [Link][Link][Link] NEEDS_MORE_RATINGS(271-10-54) Author
2024-09-27 13:54:37
Elon is technically correct. You can't convert a non-profit into a for-profit. Even the sources listed in the CN shown state that the assets must be sold and then reincorporated. That's not a conversion. OpenAI would need to be sold to open a new for-profit venture. [Link] NEEDS_MORE_RATINGS(15-0-4) Author
2024-09-27 13:58:47
NNN, this note doesn't provide any US laws and what Elon is saying is true... There are many steps to convert a non-profit via the IRS and other entities. You can't "just" do it... [Link] NEEDS_MORE_RATINGS(7-0-6) Author
2024-09-27 14:43:07
Whether you can convert/process depends on the jurisdiction (i.e. what state). Each state has a process and there can also be Federal Tax issues. 35 States permit a non-profit to convert to an LLC. But money the non-profit raised must be used for its original purpose. [Link][Link][Link] NEEDS_MORE_RATINGS(9-2-4) Author
2024-09-27 14:43:36
OpenAI, a Delaware-capped profit entity, operates under laws that prevent direct conversion from non-profit to for-profit. Non-profits in Delaware must dissolve and transfer assets to other charities. More info from Delaware Corporations [[Link] & IRS [[Link] NEEDS_MORE_RATINGS(19-0-2) Author
2024-09-28 00:49:42
"It is important to keep in mind that assets accumulated as a nonprofit can only be used for the purposes for which the nonprofit was set up. Assets may not just be converted for a nonprofit changing to for-profit status." Source is from the Original Community Note: [Link] NEEDS_MORE_RATINGS(4-0-0) Author