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We needed to custom-write rules like: - Fiduciary duty to the charter - Capped returns - Full control to OpenAI Nonprofit LP's have much more flexibility to w
by gdb 8y ago
We needed to custom-write rules like:
- Fiduciary duty to the charter
- Capped returns
- Full control to OpenAI Nonprofit
LP's have much more flexibility to write these in an enforceable way.
- backpropaganda 8y agoHow do you actually define "Fiduciary duty to the charter"? Since charters tend to be vague, and are definitely not legal documents, almost anything can be said to be aligned with the charter. Similarly, what's stopping an investor from implicit control by threat of removing their investment?