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Is the charter legally binding? Is it unchangeable? A single quote doesn't tell us much.
by 99_00 3y ago
Is the charter legally binding?
Is it unchangeable?
A single quote doesn't tell us much.
- troupe 3y agoGoing to the IRS and saying, "This is how we plan to benefit humanity and because of that, we shouldn't have to pay income tax." and then coming back later and saying, "We decided to do the opposite of what we said." is likely to create some problems.
- 99_00 3y agoI don't understand what point your example or analogy is illustrating. Can you state the point you are making? No one is alleging OpenAI committed tax fraud.
- pizzafeelsright 3y agoTrue. Non profits exist, and they pay their leaders very well, and some that are probably corrupt provide very little benefit "for the greater good" or whatever the requirements are for non profit status.
- zizee 3y agoThe point is possibly that there are rules that prevent organisations started as non-profit to transition to for-profit. Note: I am just spitballing. I cannot speak definitely about the law or what the GP was saying.
- deleted 3y ago[deleted]
- Spivak 3y agoRight, and when they decide to do the opposite they lose the tax benefit, I'm not really sure there's an argument that says they can't change their designation.
- foolswisdom 3y agoIt matters though because they didn't change their designation before acting differently, which would make them liable. Not sure to whom they'd be liable though, other than the IRS.
- QuantumG 3y agoOpenAI LP is the designation.
- tmaly 3y agoThere is the tax issue, then there is being incorporated in Delaware issue. He likely could bring some issue before the Delaware court as was done to him recently.
- toomuchtodo 3y agoCan you imagine him having to go in front of the same judge again asking for corporate governance accountability? Zing!
- mminer237 3y agoYes, the charter is legally binding as OpenAI's primary fiduciary obligation. It's akin to a normal corporation's duty to shareholders. Such mission statements are generally modifiable as long as the new purpose is still charitable. It depends on the bylaws though.