2015, Facebook founder Mark Zuckerberg and his wife, Dr. Priscilla Chan,
pledged their personal fortune—then valued at $45 billion—to the
Chan-Zuckerberg Initiative (CZI), a philanthropic effort aimed at “advancing
human potential and promoting equality.” But instead of organizing CZI using a
traditional charitable structure, the couple organized CZI as a for-profit
Delaware LLC. CZI is perhaps the most notable example, but not the only
example, of Silicon Valley billionaires exploiting the LLC form to advance
philanthropic efforts. But are LLCs and other for-profit business structures
compatible with philanthropy? What are the tax, governance, and other policy
implications of this new tool of philanthrocapitalism? What happens when LLCs,
rather than traditional charitable forms, are used for “philanthropic”
purposes? From the heart of Silicon
Valley, the AALS Section on Agency, Partnerships LLCs, and Unincorporated
Associations and Section on Nonprofit and Philanthropy Law will host a joint
program tackling these timely issues.
Business meeting for Section on Agency, Partnerships, LLCs, and Unincorporated Associations at program conclusion.
Business meeting for Section on Nonprofit and Philanthropy Law at program conclusion.