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Topic: BFL creates new charity project to donate 1000 BTC to [ROFL!] (Read 8555 times)

legendary
Activity: 3878
Merit: 1193
Actually, they didn't. All they did was create a website and sent some bitcoins from one wallet of theirs to another wallet of theirs. There is no non-profit status whatsoever to it. BFL, the for-profit company, is 100% still in control of those bitcoins.

They did send some coins to Sean's Outpost, of which is verifiable.

Oh, I see the confusion in my wording. Let me rephrase it. "BFL is in control of the bitcoins that have not yet been donated to charities."
vip
Activity: 1428
Merit: 1145
Yea, thought t was hilarious that they made a non profit to over see their donations..

Actually, they didn't. All they did was create a website and sent some bitcoins from one wallet of theirs to another wallet of theirs. There is no non-profit status whatsoever to it. BFL, the for-profit company, is 100% still in control of those bitcoins.

They did send some coins to Sean's Outpost, of which is verifiable.
legendary
Activity: 3878
Merit: 1193
Yea, thought t was hilarious that they made a non profit to over see their donations..

Actually, they didn't. All they did was create a website and sent some bitcoins from one wallet of theirs to another wallet of theirs. There is no non-profit status whatsoever to it. BFL, the for-profit company, is 100% still in control of those bitcoins.
hero member
Activity: 924
Merit: 1000
Yea, thought t was hilarious that they made a non profit to over see their donations.. I thought that was the whole idea of a non profit... They just cant bare to part with that type of money. What should have been done is put it in the wording that BFL nor any of its contractors, employees, etc cannot say where that money goes.. and it should have gone to an already established non profit, not a non profit to profit BFL.. what a joke..
member
Activity: 68
Merit: 10
BFL is now 59.6% complete with their 1000BTC project (I can't bring myself to call it a charity).

2014 Year-To-Date Donation total: 0 BTC

Note, they forgot to list a 25 BTC donation to the Lifeboat bitcoin endowment fund that brings the total to 596 (site still says 571).

So, still 404 BTC outstanding...

As noted in the BFL fucks us thread, the Lifeboat thingy website lists BFL Josh as a board member, so no surprise there.
full member
Activity: 260
Merit: 100
BFL is now 59.6% complete with their 1000BTC project (I can't bring myself to call it a charity).

2014 Year-To-Date Donation total: 0 BTC

Note, they forgot to list a 25 BTC donation to the Lifeboat bitcoin endowment fund that brings the total to 596 (site still says 571).

So, still 404 BTC outstanding...



KS
sr. member
Activity: 448
Merit: 250
That's for the state of Missouri. They're in KS, with their primary corporation being incorporated in Wyoming. Missouri appears to be completely irrelevant to their current business structure. Most likely, they started the registration process in Mo., then decided to bin it, and just let the thing resolve itself. Assuming, of course, it's actually even the same BF Labs. Their website doesn't seem to be working to be able to view the filings...

But at any rate, don't let a rational explanation get in the way of your FUD fest...  Roll Eyes

There is no penalty associated with "admin dissolution"?

What penalty? People voluntarily let businesses lapse all the time, that's why the dissolution process is in place. It essentially is a passive system to dissolve no longer functioning/needed business entities. If you don't manually renew it, it will automatically be dissolved after a certain amount of time. In what sense would it be reasonable for a state to penalize you for simply letting the thing lapse. Do you get penalized if you stop renewing your driver license, if you no longer live in that state? No, but if you want to renew it, you'll have to re-file some paperwork, and repay some fees, there's usually some sort of grace period that allows you to reinstate an expired license without having to re-file everything.

Business licensing works the same way. In some states, that grace period is up to 3 years. If you go back within 3 years and pay the normal annual fees, plus a nominal service charge (usually $10-$50) you can renew a lapsed business entity and immediately resume business operations within that state, often, this can be done on the state website.

Having formed, dissolved, restructured, bought, and sold several businesses, I can assure that it's really WAAAAY less of a big deal that a lot of people assume.

I'm missing some part of your reasoning.

BFL is an active business, yet letting their business license lapse is AOK?
hero member
Activity: 924
Merit: 1000
Sickening BFL is just sickening.
full member
Activity: 224
Merit: 100
It's only a donation if it goes to a legal charity.

That is all.

Says who?

Says the IRS. There's no way that BFL will be able to check a charity box on any IRS form for moneys going to developers, albeit the expense(s) can be deducted another way.

The same is true for the noble cause they sent 75 BTC to down in Florida if that concerns isn't registered properly in the IRS' eyes.

So they don't get direct tax benefits? Who gives a fuck? Obviously not BFL...

That's not the issue. BFL will get direct tax benefits as long as the expenses are earmarked correctly.

Then what's the issue?
legendary
Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
It's only a donation if it goes to a legal charity.

That is all.

Says who?

Says the IRS. There's no way that BFL will be able to check a charity box on any IRS form for moneys going to developers, albeit the expense(s) can be deducted another way.

The same is true for the noble cause they sent 75 BTC to down in Florida if that concerns isn't registered properly in the IRS' eyes.

So they don't get direct tax benefits? Who gives a fuck? Obviously not BFL...

That's not the issue. BFL will get direct tax benefits as long as the expenses are earmarked correctly.
full member
Activity: 224
Merit: 100
It's only a donation if it goes to a legal charity.

That is all.

Says who?

Says the IRS. There's no way that BFL will be able to check a charity box on any IRS form for moneys going to developers, albeit the expense(s) can be deducted another way.

The same is true for the noble cause they sent 75 BTC to down in Florida if that concerns isn't registered properly in the IRS' eyes.

So they don't get direct tax benefits? Who gives a fuck? Obviously not BFL...
legendary
Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
It's only a donation if it goes to a legal charity.

That is all.

Says who?

Says the IRS. There's no way that BFL will be able to check a charity box on any IRS form for moneys going to developers, albeit the expense(s) can be deducted another way.

The same is true for the noble cause they sent 75 BTC to down in Florida if that concerns isn't registered properly in the IRS' eyes.
full member
Activity: 224
Merit: 100
It's only a donation if it goes to a legal charity.

That is all.

Says who?
full member
Activity: 174
Merit: 100
It's only a donation if it goes to a legal charity.

That is all.
full member
Activity: 224
Merit: 100
That's for the state of Missouri. They're in KS, with their primary corporation being incorporated in Wyoming. Missouri appears to be completely irrelevant to their current business structure. Most likely, they started the registration process in Mo., then decided to bin it, and just let the thing resolve itself. Assuming, of course, it's actually even the same BF Labs. Their website doesn't seem to be working to be able to view the filings...

But at any rate, don't let a rational explanation get in the way of your FUD fest...  Roll Eyes

There is no penalty associated with "admin dissolution"?

What penalty? People voluntarily let businesses lapse all the time, that's why the dissolution process is in place. It essentially is a passive system to dissolve no longer functioning/needed business entities.

Good to know that even BFL shills believe that BFL is a no longer functioning business.  Grin

And totally unsurprising that the trolls fail at reading comprehension, yet again...
legendary
Activity: 1190
Merit: 1000
That's for the state of Missouri. They're in KS, with their primary corporation being incorporated in Wyoming. Missouri appears to be completely irrelevant to their current business structure. Most likely, they started the registration process in Mo., then decided to bin it, and just let the thing resolve itself. Assuming, of course, it's actually even the same BF Labs. Their website doesn't seem to be working to be able to view the filings...

But at any rate, don't let a rational explanation get in the way of your FUD fest...  Roll Eyes

There is no penalty associated with "admin dissolution"?

What penalty? People voluntarily let businesses lapse all the time, that's why the dissolution process is in place. It essentially is a passive system to dissolve no longer functioning/needed business entities.

Good to know that even BFL shills believe that BFL is a no longer functioning business.  Grin
full member
Activity: 224
Merit: 100
That's for the state of Missouri. They're in KS, with their primary corporation being incorporated in Wyoming. Missouri appears to be completely irrelevant to their current business structure. Most likely, they started the registration process in Mo., then decided to bin it, and just let the thing resolve itself. Assuming, of course, it's actually even the same BF Labs. Their website doesn't seem to be working to be able to view the filings...

But at any rate, don't let a rational explanation get in the way of your FUD fest...  Roll Eyes

There is no penalty associated with "admin dissolution"?

What penalty? People voluntarily let businesses lapse all the time, that's why the dissolution process is in place. It essentially is a passive system to dissolve no longer functioning/needed business entities. If you don't manually renew it, it will automatically be dissolved after a certain amount of time. In what sense would it be reasonable for a state to penalize you for simply letting the thing lapse. Do you get penalized if you stop renewing your driver license, if you no longer live in that state? No, but if you want to renew it, you'll have to re-file some paperwork, and repay some fees, there's usually some sort of grace period that allows you to reinstate an expired license without having to re-file everything.

Business licensing works the same way. In some states, that grace period is up to 3 years. If you go back within 3 years and pay the normal annual fees, plus a nominal service charge (usually $10-$50) you can renew a lapsed business entity and immediately resume business operations within that state, often, this can be done on the state website.

Having formed, dissolved, restructured, bought, and sold several businesses, I can assure that it's really WAAAAY less of a big deal that a lot of people assume.
legendary
Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper

The agreement was to "donate to charity,"


And that was done.  Thanks.

Nope. It's 29% done. The other 700 BTC are still in BFL's coffers.

lol they are probably mining the rest with pre-order customer hardware.

I mean how else are they getting the money to pay it?

They haven't really sold anything yet. They just took preorders for 1 year. lol

Essentially the customers of BFL are paying for this stupid charity bet.
full member
Activity: 260
Merit: 100

The agreement was to "donate to charity,"


And that was done.  Thanks.

Nope. It's 29% done. The other 700 BTC are still in BFL's coffers.
sr. member
Activity: 457
Merit: 250
http://www.kcmo.org/CKCMO/index.htm

Quote
Business occupational/cigarette/utilities license
A tax imposed for the privilege of doing business within the City of Kansas City, Mo. This tax is required of all businesses within the city and all businesses outside the city providing services within the city. Be sure to fill out the correct form. If you have questions; please call 816-513-1135.

https://en.wikipedia.org/wiki/Kansas_City,_Missouri

Why no one knows that 1/2 of KC is in Missouri?!
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