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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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To: Helix; Jim Robinson
(IMHO)This means they do not have to disclose tax info to the public.

And I didn't say they did have to disclose tax info to the public.

My question to Jim had to do with whether or not FR is in compliance with laws in the state of California (and other states from which he receives donations) regulating charities. I'm not a lawyer, so I haven't studied what disclosures are necessary. It is my understanding that a California charity must register with the state and conform to applicable state laws.

One of the "notorious antifreepers", Jusinianist, has done considerable research on the subject and concluded that FR was a charity under California law, and therefore subject to its provisions.

I'm interested in knowing whether Jim agrees, and whether he believes he is in compliance.

2,371 posted on 11/30/2001 8:54:02 AM PST by Z2
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