San Jose Mercury News interviewed Manatt's Jill Dodd, chair of the firm's Not-For-Profit Organizations practice, for an article on the controversy surrounding Facebook CEO Mark Zuckerberg and his wife Priscilla Chan's plans to donate 99 percent of their Facebook shares, now valued at around $45 billion.
San Jose Mercury News reports that at issue is the Chan Zuckerberg Initiative, which will be structured as a limited liability corporation. This has sparked a debate as to whether creating an LLC is more "selfish" than establishing a foundation or making donations outright.
Dodd, who is the general counsel for the Silicon Valley Community Foundation, said the Zuckerberg initiative is part of a broader trend of companies structuring themselves to have social missions. "It's an absolute net gain," she said. "It makes our country more innovative."
Read the article here.