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Ben
@jarmen
@wylin post duna we can own real-world assets. Seeing as the coffee shop isn't purchased is it possible to get it owned by us now?
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Ben
@jarmen
Top is a question?
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wylin💎↑
@wylin
this one’s messy yes, a DUNA can own real property and could run a coffee shop ie Prop 580 re: Prop 450 if we’re gunning for 501c3 status, all of Nouns’ previous activity will be reviewed by the IRS. even before achieving 501c3 status; an org’s activity needs to fit within the boundaries of public benefit for the most part Nouns will be good. a multi-hundred thousand dollar grant for the private ownership of a coffee shop/ expansion of an existing for-profit business is likely to pretty squarely fall into the category of private benefit and would likely be considered an excess benefit transaction if Nouns is a 501c3 and EBTs occur, the recipient will face a 25% tax penalty, and any of the organization’s managers, (in this case the voters,) will personally face a 10% penalty (capped at $20k) if they knew the transaction was improper the recipient will also need to return the funds within the tax year, or face an additional 200% penalty https://www.blueandco.com/nfp_03152012.html
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mike good ⌐◨-◨
@mikegood
Can warpcast posts be used as evidence in a court one day @wylin ? Lol asking for a friend who’s been getting advice from a berry for the last two months 🤣🍻
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wylin💎↑
@wylin
since i’m getting DMs let me also clarify: my other comment specifically speaks towards Nouns as an independent charity in addition to DUNA the DUNA itself effects nothing other than token holder liability and dissolving the Foundation to further decentralize the DAO
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