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To: Helix
However, FreeRepublic is not listed as a non-profit, charitable organization (with Guidestar) which must file a form 990 with the IRS (disclosure).

And your point is?

2,349 posted on 11/30/2001 7:24:56 AM PST by Z2
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To: Z2
That in order to be subject to disclosure and other regulations you've mentioned, FR would have to be set up to receive tax-exempt or deductible contributions. There is a statement on the home page that contributions are not tax deductible. Also, partners in an LLC are not liable for the debts of the LLC (www.irs.gov). Here is relevent info excerpted from California's web site(http://www.ftb.ca.gov/forms/misc/3556.htm):

LLCs not classified as corporations generally determine their California income, deductions and credits under the Personal Income Tax Law.

(IMHO)This means they do not have to disclose tax info to the public.

2,359 posted on 11/30/2001 8:10:08 AM PST by Helix
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