I’m looking into the details of purchasing FOF Records Inc. from Maurice Ali by FOFSTOCK. It seems we can do this:
“A not-for-profit corporation is an independent legal entity whose goals do not include gain or profit for its members, although in some cases members can benefit (for example, a golf club). A not-for-profit corporation is also known as a “corporation without share capital”. A not-for-profit corporation can do anything, as long as:
the activity helps achieve the goals in its articles, and
the activity is not prohibited in any law or in your articles or bylaws.”
I’ll probably sell the record label for five cents or something like that. I believe there has to be “consideration” (money) to make the deal legally binding. However, this is not typical business. This time I will have to consult a business lawyer or better yet, the government before I proceed. This is will take some time but in the mean time I will try to make the label as efficient as possible so it’s in the best position to exist in the hands of a not for profit.
That doesn’t mean I’m entirely gone for the label. Maybe I just need to keep minority interest to ensure financial stability. Or perhaps I retain majority interest but have the association buy into a minority interest. This will look rather dodgy to the CRA and IRS. So in the end it’s probably an all out purchase for five cents.
I can actually relax this weekend. I just have to printout the IRS taxes for IAIJ and FOF Records and send them off to Ogden (Utah) for processing.
In summary this idea to start this large North American music advocacy organization is still up in the air. I first need to know if I can do it. Then how. But the music industry is almost dead in many ways from the musician’s stand point. The actual musicians have to assemble and react to the high tech industry and say “enough!” With Spotify now requiring 1000 streams before you can even get any money means the vast majority will never see a penny of cash for their music. They need an organizational structure to “go to bat” on their behalf. Was I the only one sending a letter to Tim Cook to keep
artists being able to change the stage name for their songs? It sure seems like it - the effective associations to do this don’t really seem to exist anymore. I can do this - so I’m doing it…..

The actual letter sent to CEO of Apple Inc. Tim Cook!
Musicians have to show their game face to the corporate world! They are too laid back and “nice” to get what they are owed. So we now have an association called FOFSTOCK with “fangs” to try and change things and hopefully some regular corporations in tow to help out in the business world.
Goodnight…..
https://youtu.be/8Cf8901xZb4?si=lnqt0bGdM8JLlDFx