X-Message-Number: 6655
From:  (Thomas Donaldson)
Subject: Re: SEC registration
Date: Wed, 31 Jul 1996 20:12:48 -0700 (PDT)

Hi!

This is Thomas Donaldson.

First, I'm happy that some people are thinking about more details of financing,
regardless of what they're thinking.

Second, if I understand one proposal correctly, it need not involve Prometheus
at all: that is, some people who don't feel that they can individually 
contribute enough might get together to do so as a group --- which would 
require some kind of corporate form. In the US there is (from my memory only)
something called an S-corporation, in which all the profits (and risks) pass
through to the members directly. I'm happy to look this up.

If someone wants to set up a corporation, they should not go to a lawyer
first of all. They should write Nolo Press, 950 Parker Street, Berkeley CA
94710-9867 and get a catalog of what they have. I know that it's easy
(it does cost about $300 for the fees) to set up a NONPROFIT corporation,
which may satisfy some of those who want to contribute to Prometheus. They
have probably also produced docs and disks on setting up a for-profit
corporation, too. (For those who don't know who they are, they are a group
--- some are lawyers --- who got tired of lawyers bilking the public and
make a practice of telling people how to do things for themselves --- and
also (in their literature) pointing out just when they should NOT try to 
do something for themselves).

			Best and long long life,

				Thomas Donaldson


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