Borrowing

[debretoman]

I'm not entirely sure about the current state of business loan approvals in the U.S. but in Australia at the moment it would be somewhat feasible to start up a corporation (say Anon. CO.) and then either borrow the money from a bank (using the town and donations as collateral) or by issuing equity securities on an equity market; such as preference shares (guaranteed dividend but no ownership), ordinary shares (ownership, but no guaranteed returns), discounted bills and papers (although I doubt anyone would buy), etc.

[MBirn277]

I've personally created a non-profit twice now, both with tax exempt status. I can get a group started on a non-profit organization that can accept donations in order to acquire the town. Outside of the paperwork itself, several items must be agreed on:

Mission Statement - this has to be professional and believable. The IRS WILL audit the non-profit.
Board/Council leadership - Pres, VP, Treasurer, and officers.
By laws - These must support the mission statement and give direction to completion.

If anon can get it's shit together, I'll be more than glad to begin paperwork. I WILL NOT be CEO/Pres as I want nothing to do with potential liability claims, but I'll be more than glad to get the ppw in order for whoever wants it. The non-profit can then accept donations and acquire land legally.

Further questions welcome.

[Mephisto893]

stick around please? lol

[Matt]

I'll be watching this project very closely, don't you worry. Depending on the apparent success of the mission. Just out of curiosity, why hasn't anyone here looked at the land available in Nevada or West Texas? There are plots of land available in the Terlingua area for as low as $5,000/20 acres and similarly priced land plots in Nevada. Also, has anyone given any consideration to creating an LLC and borrowing money to acquire the land and paying it back with donations? Just a few things to think about.

[Moxi]

I think a good idea is to get a bank who will write up a loan offer for us, and create a bank account that will only be used for the buying/ running of said property, anyone can deposit, but whoever our leaders are they have to sign off on a withdrawal for use only to build up the town

[Matt]

A loan amount this size would require excellent credit on the part of the borrower, individual or otherwise, as well as a proven stream of income. Borrowing would be the more difficult route, especially once it gets out that the group/individual is in any way affiliated with the organization known as, "Anonymous."

[AnyAnon]

@Matt: Is it possible for minors to get on the NPO's Board?

[FluffySheepz]

@Matt: Is it possible for minors to get on the NPO's Board?

Depends 100% on the state.

[AnyAnon]

1) A minimum of three (3) or more natural persons who have attained the age of majority can act as incorporators for starting a nonprofit organization in South Dakota. Incorporators may but need not be domiciles of South Dakota.

Seems like we need three peeps being 18 or older. We can do that right?

Source is: http://www.startnonprofitorganization.com/starting-a-nonprofit-in-south-dakota

[LetsDoThis]

1) A minimum of three (3) or more natural persons who have attained the age of majority can act as incorporators for starting a nonprofit organization in South Dakota. Incorporators may but need not be domiciles of South Dakota.

Seems like we need three peeps being 18 or older. We can do that right?

Source is: http://www.startnonprofitorganization.com/starting-a-nonprofit-in-south-dakota

now that says natural persons
I'm guessing that means residents of SD

[AnyAnon]

If you'd read the website:

2) The incorporators must appoint one resident agent. To be eligible for becoming a resident agent the individual must have a valid street address of South Dakota. (P.O Box address is not acceptable) . An organization can avail the services of a ‘commercial resident agent’ in return of a small annual fee, if it does not have a valid street address of South Dakota.

a "natural person" is just a person made of flesh and blood. Corporations can act as a person, too, but that's a whole other story.

[Matt]

@Matt: Is it possible for minors to get on the NPO's Board?

1) A minimum of three (3) or more natural persons who have attained the age of majority can act as incorporators for starting a nonprofit organization in South Dakota. Incorporators may but need not be domiciles of South Dakota.

Seems like we need three peeps being 18 or older. We can do that right?

Source is: http://www.startnonprofitorganization.com/starting-a-nonprofit-in-south-dakota

In response to these two posts, you must be old enough to carry out the fundamental purpose of the non-profit in order to form the non-profit as a general guideline and, as was pointed out in the second quote, SD has minimum age requirements for personnel applying to be on the board. I would also like to point out the generally unreliable nature and inexperience of youth. Non-profits are not a fun hobby, they require a great deal of paperwork and accountability. As my own general rule, I do not trust any task that the incorrect or untimely completion of could get me put in jail. Those are exactly the kinds of risks you are dealing with when attempting to set up a non-profit. Furthermore, in order to obtain our ultimate goal, this NPO (not for profit organization) will need to seek Federal recognition and federal tax-exempt status. No offense, but unless you're some kind of one-in-a-billion wonderboy/girl, you're not going to be reliable enough at 18 to have you on our board fulfilling a duty.

If you'd read the website:

2) The incorporators must appoint one resident agent. To be eligible for becoming a resident agent the individual must have a valid street address of South Dakota. (P.O Box address is not acceptable) . An organization can avail the services of a ‘commercial resident agent’ in return of a small annual fee, if it does not have a valid street address of South Dakota.

a "natural person" is just a person made of flesh and blood. Corporations can act as a person, too, but that's a whole other story.

The amended portion of this relating to commercial resident agents is tricky. CRA's can really fuck you good if you don't have a lawyer on your side to review the terms and conditions they set forth. Each CRA will have their own contract for the NPO to sign and for which the NPO will be liable. A CRA may charge the NPO for services or demand any percentage/set amount out of the donations received by the NPO, thus extending the time it will take for the NPO to complete acquisitions.

Having been presented with this fact, of which I was unaware until now, I would not recommend seeking NPO status in SD without a trustworthy, legal resident of SD to appoint as our RA.

[AnyAnon]

No offense, but unless you're some kind of one-in-a-billion wonderboy/girl, you're not going to be reliable enough at 18 to have you on our board fulfilling a duty.

No offense taken!
Thanks for pointing the whole RA thing out. Sounds like we could go through lots of trouble with one of those commercial RAs. So I guess we need someone who's reliable and good with legal text - and of course a resident of SD.

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