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BOD Succession

ecam

ecam

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In order to dissolve the 501c. We will have to donate all funds to various charities.

Would have to decide who will be the owner of the new formed llc or legal entity formed

and then decide how fees and things would be collected and used. If we do that someone would have to buy and maintain the website and domain
 
Mark_C

Mark_C

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So, say we do a rebrand of the club.

Can any funds collected by members be used to sustain the club? I assume were doing that now. If so, can we pay up the net fees ahead of time to January and donate balance to charity for 2021?

Then we ask members to understand the plight and re-up memberships, as annual on Jan 2, and use those new funds to fund continued presence. Can we keep the site here? Are hosting fees reasonable?

We prepare by advertising across Manhattan, R2R, etc that we'll be fully open to the public for posting, trading, selling, and make a big $h1^ out of it and develop some new rules to fill in the gaps, especially for sellers. If no membership paid, 20 or whatever meaningful posts before selling access. Any retail has to have membership level. And crap like that. Details to work out, more than willing to help here.

Then, President Dwayne Elizondo Mountain Dew Camacho, and viola!
 
ecam

ecam

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We can be in a similar issue.
Who is the owner ?
matters to government , and bank

also how to handle funds and things like that. Since the “owner “ will be required to include in their tax return. Depending on the entity chosen.

site maintenance is responsible
 
ecam

ecam

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Maybe we start two new threads

1. Vote to dissolve.
2. People interested in putting up capital to purchase the site and right.
 
amado

amado

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ecam said:
We can be in a similar issue.
Who is the owner ?
matters to government , and bank
Click to expand...

I think it will be a good idea to consult with an attorney
About this matter. We can see what the other reef clubs are doing and copy them. We don’t need to reinvent the wheel.

We can have a board instead of owners.

How does Manhattan reef do it?
 
MadReefer

MadReefer

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amado said:
I think it will be a good idea to consult with an attorney
About this matter. We can see what the other reef clubs are doing and copy them. We don’t need to reinvent the wheel.

We can have a board instead of owners.

How does Manhattan reef do it?
Click to expand...
Amado,
Was going to suggest similar and agree with Mark_C about donating to somewhere; Camden aquarium, Jenkinsons, etc.
 
Trio91

Trio91

Administrator
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Manhattan Reefs has it set up where certain individuals "own" site by whatever entity they've formed. And I believe R2R is the same with Rev being some form of officer under the entity.

We would definitely need to have some sort of consultation with an attorney but in the end, someone or some group will need to take ownership of the site, for regulatory and tax purposes. How to and what would be involved, im not 100% sure of.
 
Trio91

Trio91

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Another option, would be to merge this site with another forum, but then it probably we be the end of njreefers.org.

As if right now, we have a dedicated NJRC forum available to us on R2R. We have something on MR, but unless we fall under their umbrella, we would be limited on what we could do on there.
 
ecam

ecam

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Mark_C said:
So, say we do a rebrand of the club.

Can any funds collected by members be used to sustain the club? I assume were doing that now. If so, can we pay up the net fees ahead of time to January and donate balance to charity for 2021?

Then we ask members to understand the plight and re-up memberships, as annual on Jan 2, and use those new funds to fund continued presence. Can we keep the site here? Are hosting fees reasonable?

We prepare by advertising across Manhattan, R2R, etc that we'll be fully open to the public for posting, trading, selling, and make a big $h1^ out of it and develop some new rules to fill in the gaps, especially for sellers. If no membership paid, 20 or whatever meaningful posts before selling access. Any retail has to have membership level. And crap like that. Details to work out, more than willing to help here.

Then, President Dwayne Elizondo Mountain Dew Camacho, and viola!
Click to expand...
amado said:
I think it will be a good idea to consult with an attorney
About this matter. We can see what the other reef clubs are doing and copy them. We don’t need to reinvent the wheel.

We can have a board instead of owners.

How does Manhattan reef do it?
Click to expand...
amado said:
I think it will be a good idea to consult with an attorney
About this matter. We can see what the other reef clubs are doing and copy them. We don’t need to reinvent the wheel.

We can have a board instead of owners.

How does Manhattan reef do it?
Click to expand...
Manhattan reefs Has an owner.
 
redfishbluefish

redfishbluefish

Officer Emeritus
Officer Emeritus
You simply change the corporation from a non-profit (501 (c)(3)) to a for-profit corporation. I'd shy away from an LLC in that specific names need to be mentioned in the State filings. Now, that said, I wouldn't be too quick to make the change. I'd look at this like a business and first do a business plan. Simply put, it's where you look at anticipated income versus anticipated expenses. Doing Italian statistics, where I wave my hands around while creating funny numbers, and at the same time scratch my head, and contemplate the fuzz in my navel, I'm just not seeing it happen.
 
ecam

ecam

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redfishbluefish said:
You simply change the corporation from a non-profit (501 (c)(3)) to a for-profit corporation. I'd shy away from an LLC in that specific names need to be mentioned in the State filings. Now, that said, I wouldn't be too quick to make the change. I'd look at this like a business and first do a business plan. Simply put, it's where you look at anticipated income versus anticipated expenses. Doing Italian statistics, where I wave my hands around while creating funny numbers, and at the same time scratch my head, and contemplate the fuzz in my navel, I'm just not seeing it happen.
Click to expand...
Sounds like we have our first investor !!!!
 
ecam

ecam

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I won’t leave the club rudderless without a leader. But would be nice to hand off to good hands
 
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