Legal Advice for a Financial Team

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.

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.

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.

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