Non-profit association creation underway
A California based law firm has been contacted with a view to establishing a 501(c)(3) charity on the basis of the Open Cloud Initiative (OCI)'s Educational, Charitable and Scientific functions. A non-profit structure is our number one priority in order to obtain limited-liability status, enter into membership agreements with new members, hold all assets (e.g. domain names, copyrights, marks, intellectual property, etc.), allow donors and sponsors to claim tax exemptions.
In the mean time those assets which cannot already be assigned to an unincorporated association are held in trust and a contract has been established requiring that the assets not be used except by the Open Cloud Initiative (OCI) and that they be transferred over to the Open Cloud Initiative (OCI) immediately on incorporation.
