Legality of IPOing securities on GLBSE
BinaryMage:
Quote from: Stephen Gornick on May 27, 2012, 10:11:08 PM
Possibly related, a post:
Judge.me - Transnational Law (or Small Claims Court for the Internet)
- http://bitcointalk.org/index.php?topic=83981.0
How is that relevant?
justusranvier:
Quote from: Stephen Gornick on May 26, 2012, 07:10:15 AM
What I'm becoming more curious about is how an asset can operate once it gets bigger than a solo operation.
So for instance, let's say the asset grows and needs to hire help (and pay the non-bitcoiner a salary). Let's say this employee works in the U.S. in the same state that the asset issuer's founder is in.
Would the operator be risking penalties from the state for not withholding social security taxes? Even if the asset wanted to do the withholding, how could it be done? You can't get an EIN for a "project".
Does an asset need to incorporate once it grows any bigger than being a solo operation or at least before it can hire any non-contract employees?
If the owner were clever he'd incorporate in the US state and form a different corporation in another country. Then instead of the domestic corporation hiring the employees it would outsource the work to the foreign corporation, which would hire the US employees as contractors and pay them using Bitcoin. It would then be up to the contractors to take care of their tax liabilities themselves.
Garr255:
Quote from: Chaang Noi (Goat) ช้างน้อย on May 08, 2012, 02:31:51 PM
sub
Bitcoin Oz:
sub.
http://empireavenue.com/
and
http://www.hsx.com/
I see both of them use their own virtual currency and dont handle actual fiat. I think glbse will be ok as long as it doesnt do anything silly like get a bank account and allow direct transfer of fiat to buy assets.
Untill you can pay tax in bitcoin then I am fairly sure it is not considered money by the government, if so which country issues it ?????
Bitcoin Oz:
Quote from: Chaang Noi (Goat) ช้างน้อย on May 29, 2012, 05:54:02 AM
Quote from: CryptoCoinMedia on May 29, 2012, 05:51:48 AM
sub.
http://empireavenue.com/
and
http://www.hsx.com/
I see both of them use their own virtual currency and dont handle actual fiat. I think glbse will be ok as long as it doesnt do anything silly like get a bank account and allow direct transfer of fiat to buy assets.
Untill you can pay tax in bitcoin then I am fairly sure it is not considered money by the government, if so which country issues it ?????
We should form our own nation ;D
We could buy an island somewhere then use wave power for the DC lol
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