[nickodell]

>So if you've been paying attention to Purism's website and do some digging, you'll realize that they've never actually [filed a Social Purpose Report]

>I filed a complaint with the State Attorney of Washington over the issue

>So yeah Purism is going to skate by on yet another clear and obvious lie. They are pretty much going out of their way to take advantage of people at this point. On a side note, its really sad and pathetic how little the state of Washington is willing to do to try and compel Purism to live up to their legally mandated expectations as an SPC.

Um, what were you expecting? The State Attorney is going to view this as "someone forgot to file a form." That isn't exactly priority #1.

[Mathnerd314]

Publicly traded companies have to file 10-K's, and failure to file ends in delisting. Similarly nonprofits have to file Form 990 or get their tax-exempt status revoked.

Meanwhile "the failure to furnish a social purpose report does not affect the validity of any corporate action" (https://app.leg.wa.gov/RCW/default.aspx?cite=23B.25.150) and the sole remedy is for a shareholder to request production of a report after 2 years.

But failure to pay the annual filing fees is grounds for immediate dissolution (https://app.leg.wa.gov/RCW/default.aspx?cite=23.95.255)

I think the story is that Washington SPCs are LLCs in pretty much every aspect besides shareholder-board disputes.