Because they are subject to freedom of contract and Delaware courts give maximum discretion to document as written, it allows people to write agreement however they want.“The limits of LLC are the limits of your imagination,” he said.An LLC is a business entity that provides limited liability, meaning that it safeguards personal assets by building a wall between its owners and its business creditors.



© Copyright 2019 Delaware Business Times In December, the Facebook founder and wife Priscilla Chan announced they will give $45 billion in FB stock, or 99 percent of their Facebook shares, toward “advancing human potential and promoting equality” over their lifetimes.While the breadth of their commitment won praises, the vehicle to advance it caught some off guard.Rather than establish a nonprofit or a foundation, the couple opted for a Delaware-based limited liability company (LLC) for their Chan Zuckerberg Initiative (CZI).

Member The Chan Zuckerberg Initiative (CZI) is a philanthropy established and owned by Facebook founder Mark Zuckerberg and his wife Priscilla Chan with an investment of 99 percent of the couple's wealth from their Facebook shares over their lifetime.

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The public isn’t privy to their operating agreement, but Delaware legal and tax professionals say the Zuckerbergs may have simply opted to trade the immediate tax advantage of a foundation for the flexibility and privacy offered by an LLC.“With an LLC, your imagination is the limit, and he’s got an incredible imagination,” said John Williams, president of The Williams Law Firm PA. “This is designed to be flexible and charity minded.”Over the long haul of their mission that flexibility could allow for partnerships ventures, even lobbying – functions prohibited by the IRS for 501(c)(3) status.In a December letter to his infant daughter, Zuckerberg suggested a mission-based focus on issues like personalized learning, curing disease, connecting people and building strong communities.

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“LLCs must have owners,” said Williams.

in innovative companies globally that are developing transformative solutions to the issues at the heart of CZI’s mission while building scalable, sustainable businesses. 1 1 The Company offers medical research solutions.

“I know that if he disclosed his LLC agreement that would generate a tremendous amount of interest.”There are more than 700,000 active LLCs in Delaware, said Williams. If the LLC itself cannot pay a creditor, this wall makes it difficult for business creditors to seize personal assets, such as a house, car or bank account.In the very near future, cyber security exercises are going to be absolutely expected of all companies by regulators. Active

Chan Zuckerberg Initiative, LLC designs and develops software tools. The companies and people profiled on Corporation Wiki are displayed for research purposes only and do not imply an endorsement from or for the profiled companies and people. Member We are working to help build a future for everyone. “The only exception for an LLC to be a tax-exempt charitable organization is if it owned by a non-stock corporation as a single member LLC.”In that instance LLCs can be used to own assets as a wholly owned subsidiary of the non-stock corporation. Many of us had parents who

Chan Zuckerberg Initiative serves customers in the United States. “It’s a new and creative application, and whenever you have someone pushing the envelope with no precedence for it – is it fringe use,” suggested Williams.

“We must participate in policy and advocacy to shape debates,” he said.In light of their work, Williams said the LLC does not bind Zuckerberg and Chan to the annual financial mandated by a nonprofit or foundation, and gives them the freedom to change their minds with objectives or investments.“He might want to customize it and change it around going forward,” said Williams.

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