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A comment on OpenAI staff threaten to quit unless board resigns. Parent comment

Re:OpenAI staff threaten to quit unless board resigns by culi on Monday November 20, 2023 @11:02AM (#38349803)
This was actually a pretty recent change from 2018. iirc it was actually Newman's Own that set the precedent for this:

https://nonprofitquarterly.org/newmans-philanthropic-excepti...

> Introduced in June of 2017, the act amends the Revenue Code to allow private foundations to take complete ownership of a for-profit corporation under certain circumstances:

    The business must be owned by the private foundation through 100 percent ownership of the voting stock.
    The business must be managed independently, meaning its board cannot be controlled by family members of the foundation’s founder or substantial donors to the foundation.
    All profits of the business must be distributed to the foundation.
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Re:OpenAI staff threaten to quit unless board resigns by Figs on Monday November 20, 2023 @11:22AM (#38350027)
Maybe I'm misunderstanding something, but didn't Mozilla Foundation do that a dozen or so years earlier with their wholly owned subsidiary, Mozilla Corporation? (...and I doubt that's the first instance; just the one that immediately popped into my head.)
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Re:OpenAI staff threaten to quit unless board resigns by purplerabbit on Monday November 20, 2023 @02:22PM (#38353049)
The LDS church has owned for-profit entities for decades. Check out the "City Creek Center.
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