Legal Advice for a Financial Team

View previous topic View next topic Go down

Legal Advice for a Financial Team

Post by AddHope on Fri Oct 14, 2011 8:35 pm

To begin, thank you to the legal counsel that are offering time and effort to our cause.

The Occupy Wall St movement has opened a bank account in the name and benefit of 'Occupy Wall Street". What are the legal implications of opening an account with a reputable credit union for OccupyJax?

Of course the finances accrued would only be authorized and used by the consensus of OccupyJax, voted on during the GA.


AddHope

Posts : 11
Join date : 2011-10-12

Back to top Go down

Re: Legal Advice for a Financial Team

Post by shotinthedark99 on Sat Oct 15, 2011 10:06 pm

We had a rather strongly felt opinion expressed today regarding a bank account and leadership. This article contains strong arguments in favor of maintaining the leaderless style of OWS, which I personally agree with: http://us.news-republic.com/M/1/1366213

Secondly,at this time I believe OJax is too small to warrant a bank account, and our fellows in New York need funds far more than we. To unintentionally quote game of thrones: winter is coming.

shotinthedark99

Posts : 4
Join date : 2011-10-15

Back to top Go down

Re: Legal Advice for a Financial Team

Post by JamesM on Sat Oct 15, 2011 11:01 pm

We may or may not need a bank account, but we are getting donations. I believe somebody volunteered today to be a treasurer, but I don't have his name. He said he had experience in payroll management, so that seems helpful. Zach A should have the volunteer's name written down, and I know the individual was in the tech group.

JamesM

Posts : 37
Join date : 2011-10-15

Back to top Go down

There is legally no problem with an informal treasury

Post by I Sue Banks on Sun Oct 30, 2011 10:10 pm

If there is no registered corporation or formal partnership, all donations are simply gifts to an individual, which may be for an expressed purpose. There's the practical problem that a treasurer can misuse the funds, but a corporation doesn't really prevent that. A formal structure AND IRS approval as a qualified nonprofit are required before the donor can deduct gifts on her tax return. This is not a good reason to go formal, in my opinion. Most people who want to give will do so without worrying about getting a small tax break.

- Wendell
avatar
I Sue Banks

Posts : 3
Join date : 2011-10-15

Back to top Go down

Re: Legal Advice for a Financial Team

Post by Sponsored content


Sponsored content


Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum