Documents show OpenAI's long journey from nonprofit to $157B valued company

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Nonprofits News

Corporate Structure,Openai,Sam Altman

Back in 2016, a scientific research organization incorporated in Delaware and based in Mountain View, California, applied to be recognized as a tax-exempt...

Back in 2016, a scientific research organization incorporated in Delaware and based in Mountain View, California, applied to be recognized as a tax-exempt charitable organization by the Internal Revenue Services., the nonprofit told the IRS its goal was to “advance digital intelligence in the way that is most likely to benefit humanity as a whole, unconstrained by a need to generate financial return.

Attorneys who specialize in advising nonprofits have been watching OpenAI's meteoric rise and its changing structure closely. Some wonder if its size and the scale of its current ambitions have reached or exceeded the limits of how nonprofits and for-profits may interact. They also wonder the extent to which its primary activities advance its charitable mission, which it must, and whether some may privately benefit from its work, which is prohibited.

OpenAI told the IRS it planned to train an AI agent to solve a wide variety of games. It aimed to build a robot to perform housework and to develop a technology that could “follow complex instructions in natural language.”The nonprofit OpenAI indicated on the application form that it had no plans to enter into joint ventures with for-profit entities.

The mother of a British soldier who killed himself after becoming a victim of a squaddie’s “insidious” payday loan scheme has warned others not to join the military.The Dow Jones and S&P 500 hit record highs and many leaders flashed buy signals. If not now, when would you be heavily invested? Tesla stock triggered a sell rule.

 

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