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I don't understand how a non-profit can be purchased. Virginia must have some strange corporate law.

Fezzik 7y ago
You can buy a non-profit so long as you 1) are a non-profit, or 2) continue the concern as a non-profit... in every state of The Union, no? A non-profit can also sell assets, obviously. Isn’t this just an asset? Edit, to add: or 3) you convert the non-profit to some other type of ()corp() and then pay appropriate taxes.... though I’m not as familiar with how this would work.
jml7c5 7y ago
IANAL. Wouldn't this be a sale of a non-profit's assets, rather than a sale of the non-profit itself? I see no legal reason a non-profit can't sell, e.g., a building it owns. Everything else seems skeevy, but this particular angle does not seem promising for a basis of any legal proceedings.
- bradleyjg 7y ago
  The press release says "Ethos Capital’s acquisition of Public Interest Registry from the Internet Society". Public Interest Registry says on its website: "Based in Reston, Virginia, Public Interest Registry is a not-for–profit organization created by the Internet Society (ISOC), originally to manage the .ORG domain." and has links to IRS Form 990. It's possible that Ethos Capital is being imprecise are not technically acquiring PIR, but it certainly reads that way.
  - jml7c5 7y ago
    Ah, my mistake. Yes, that does seem... well, legally complicated, to say the least.
- deleted 7y ago
  [deleted]
wmf 7y ago
It sounds like PIR is converting to a for-profit corporation then ISOC will sell it.
- bradleyjg 7y ago
  At least in NY that requires permission of the attorney general. It isn’t automatic.
cortesoft 7y ago
They aren't selling the non-profit... they are selling an asset (the .org registry)
- slavik81 7y ago
  I'm surprised it was considered an asset of theirs. How did they acquire it in the first place?
- jobigoud 7y ago
  They are selling PIR, the non-profit registry controlling .org (and other TLDs). And now "PIR will (...) consider seeking B Corporation certification." https://thenew.org/the-internet-society-public-interest-registry-a-new-era-of-opportunity/ https://thenew.org/the-internet-society-public-interest-regi...

You can buy a non-profit so long as you 1) are a non-profit, or 2) continue the concern as a non-profit... in every state of The Union, no? A non-profit can also sell assets, obviously. Isn’t this just an asset? Edit, to add: or 3) you convert the non-profit to some other type of ()corp() and then pay appropriate taxes.... though I’m not as familiar with how this would work.

jml7c5 7y ago

IANAL. Wouldn't this be a sale of a non-profit's assets, rather than a sale of the non-profit itself? I see no legal reason a non-profit can't sell, e.g., a building it owns. Everything else seems skeevy, but this particular angle does not seem promising for a basis of any legal proceedings.

bradleyjg 7y ago
The press release says "Ethos Capital’s acquisition of Public Interest Registry from the Internet Society". Public Interest Registry says on its website: "Based in Reston, Virginia, Public Interest Registry is a not-for–profit organization created by the Internet Society (ISOC), originally to manage the .ORG domain." and has links to IRS Form 990. It's possible that Ethos Capital is being imprecise are not technically acquiring PIR, but it certainly reads that way.
- jml7c5 7y ago
  Ah, my mistake. Yes, that does seem... well, legally complicated, to say the least.
deleted 7y ago
[deleted]

wmf 7y ago

It sounds like PIR is converting to a for-profit corporation then ISOC will sell it.

bradleyjg 7y ago
At least in NY that requires permission of the attorney general. It isn’t automatic.

cortesoft 7y ago

They aren't selling the non-profit... they are selling an asset (the .org registry)

slavik81 7y ago
I'm surprised it was considered an asset of theirs. How did they acquire it in the first place?
jobigoud 7y ago
They are selling PIR, the non-profit registry controlling .org (and other TLDs). And now "PIR will (...) consider seeking B Corporation certification." https://thenew.org/the-internet-society-public-interest-registry-a-new-era-of-opportunity/ https://thenew.org/the-internet-society-public-interest-regi...