In the UK there will be no tax to pay if you don't make a profit. Collect the money get an invoice from another entity to the full value of that money and then transfer it and that's it. The only possible problem is VAT. If both companies are registered for VAT in Europe, again no problem but there is a bit of bureaucracy involved with VAT registration. Not necessary in the UK if you turnover less than around 100,000 Euro. Probably spreading any financial transaction across two financial years would obviate the need for VAT registration - again, nothing deceptive simply standard accounting practice.
We did have the company OpenDocument Foundation Ltd registered here until 2007 when we dissolved it without ever really using it. Easy enough to do it again if it helps. On 8 February 2011 17:35, BRM <bm_witn...@yahoo.com> wrote: > The problem there would be US tax law no? You'd have to pay taxes on it - > since > you as an individual would be receiving it, taxes which would outweigh the > donation write-off you'd get on the other end. > Now, I am not a CPA or Tax Accountant, so I would highly recommend talking > to > one before doing anything like that. > > It might be, however, feasible to get an existing 501(c)3 to do that for > you > though; perhaps the FSF, Linux Foundation, or one of the other existing > Open > Source entities could aid in that manner? > > Ben > > > > ----- Original Message ---- > > From: Benjamin Horst <bho...@mac.com> > > To: discuss@documentfoundation.org > > Sent: Tue, February 8, 2011 12:07:42 PM > > Subject: Re: [tdf-discuss] Foundation Fundraising > > > > Would it be legitimate and useful for a private US citizen to set up a > >Kickstarter with the stipulation that the funding would all be donated to > the > >TDF legal entity in Germany? > > > > If this approach is sound, then I or another US-based volunteer could > set it > >up. When the campaign finishes and is disbursed, we'd transfer the money > to > >TDF. > > > > > > Clear messaging on the campaign information pages would eliminate any > likely > >misunderstandings from donors and supporters. > > > > -Ben > > > > On Feb 7, 2011, at 1:35 PM, drew wrote: > > > > > On Mon, 2011-02-07 at 18:18 +0000, toki wrote: > > >> -----BEGIN PGP SIGNED MESSAGE----- > > >> Hash: SHA1 > > >> > > >> On 02/07/2011 01:27 PM, drew wrote: > > >> > > >>> A requirement to have to have a US bank account in order to receive > funds > >is not the same thing as saying the money must be dispersed in the US > only, is > >it? > > >> > > >> No. > > >> > > >> A couple of things to do, before setting up the business account: > > >> > > >> * Make sure that you really want to have a business presence in the > > >> state that the bank that handles the account is located in. > > >> > > >> * Decide what currency you want the account to be denominated in. > > >> (I don't know how that affects Amazon Processing.) > > >> ( I don't know how FDIC works for non US-Dollar denominated > accounts.) > > >> > > >> * Verify that the bank is financially sound. > > >> (The Federal Reserve Bank is on track to close more financial > > >> institutions this year, than in the previous two years, combined.) > > >> > > > > > > Good points but I don't see it quite same way, as kickstarter is an > all > > > of nothing situation - you set a target and if you hit it or exceed it > > > you get the funds, if not they go back to the donors - so I would say > > > you don't want to setup to do business of any kind in the US beyond > the > > > ability to accept funds into a checking account and then later > transfer > > > the funds as one lump sum to the proper account for the foundation and > > > close the account. > > > > > > As for the target amount for 100,000 euro with a close date of March > > > 30th, and todays exchange rate or 0.73 it would take $136,166 USD. > Given > > > the time frame $150,000 would seem a large enough cushion, even with > > > fees, anyway that's just my quick swag at it. > > > > > > Also - Benjamin mentioned a different site that I have no information > on > > > and perhaps it does not have this US - either way, the necessary > banking > > > setup and then a media campaign..that is a darn tight schedule. > > > > > > > > > > > > > > > -- > > > Unsubscribe instructions: E-mail to > discuss+h...@documentfoundation.org > > > Archive: http://listarchives.documentfoundation.org/www/discuss/ > > > *** All posts to this list are publicly archived for eternity *** > > > > > > Benjamin Horst > > bho...@mac.com > > 646-464-2314 (Eastern) > > www.solidoffice.com > > > > > > -- > > Unsubscribe instructions: E-mail to discuss+h...@documentfoundation.org > > Archive: http://listarchives.documentfoundation.org/www/discuss/ > > *** All posts to this list are publicly archived for eternity *** > > > > > > -- > Unsubscribe instructions: E-mail to discuss+h...@documentfoundation.org > Archive: http://listarchives.documentfoundation.org/www/discuss/ > *** All posts to this list are publicly archived for eternity *** > > -- Ian Ofqual Accredited IT Qualifications The Schools ITQ www.theINGOTs.org +44 (0)1827 305940 You have received this email from the following company: The Learning Machine Limited, Reg Office, 36 Ashby Road, Tamworth, Staffordshire, B79 8AQ. Reg No: 05560797, Registered in England and Wales. -- Unsubscribe instructions: E-mail to discuss+h...@documentfoundation.org Archive: http://listarchives.documentfoundation.org/www/discuss/ *** All posts to this list are publicly archived for eternity ***
