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OpenAI's application to the IRS appears typical, said Andrew Steinberg, counsel at Venable LLP and a member of the American Bar Association’s nonprofit organizations committee.
In 2019, OpenAI transitioned from non-profit to "capped" for-profit, with the profit being capped at 100 times any investment. [36] According to OpenAI, the capped-profit model allows OpenAI Global, LLC to legally attract investment from venture funds and, in addition, to grant employees stakes in the company. [37]
This list includes Internet company founders and people brought on to companies for their general business or accounting acumen, as is the case with some CEOs hired by companies started by entrepreneurs.
The FTC released a staff report about partnerships between cloud service providers and AI companies. The report raises antitrust concerns about deals between industry leaders like OpenAI and ...
A version of the non-profit would continue to exist, the blog post said. But it would no longer serve a controlling role. ... For OpenAI, part of becoming an enduring company is satisfying its ...
Partnership on Artificial Intelligence to Benefit People and Society, otherwise known as Partnership on AI, is a nonprofit coalition committed to the responsible use of artificial intelligence. Coming into inception in September 2016, PAI (Partnership on AI) grouped together members from over 90 companies and non-profits in order to explore ...
The ousting and return of OpenAI CEO Sam Altman in 2023 thrust the company's nonprofit board governance structure into the spotlight. Jason Redmond/AFP/Getty Images OpenAI shared new details about ...
OpenAI and its biggest backer, Microsoft, are discussing how to divide up the spoils of the AI upstart when it becomes a for-profit company, but agreeing on a fair market value for those assets ...