Frequently Asked Questions
Q: Is crowdfunding actually legal?
A: As a business venture funding mechanism, crowdfunding became legal in 2012. However, there has never been any law limiting charitable giving which is the purpose and foundation of 2's Company - 3's a Crowd.
Q: Must I be a non-profit to participate?
A: No. While initially intended for non-profits, 2's Company - 3's a Crowd is an opportunity that is now available for anyone or any organization with need of extra funds.
Q: Is crowdfunding a business?
A: While crowdfunding can be operated as a business, 2's Company - 3's a Crowd is not a business as we have developed it. It is merely a funding function of a non-profit organization.
Q: Why must I invite 2 people to create my crowd?
A: By starting your crowd with you and 2 others, you create a logarithmic progression that is proven to create huge crowds more quickly. However, the time it takes to grow your crowd is dependent upon the people that join your crowd, therefore find people to work with that will continue their efforts to build a successful crowd of their own. Once that is on its way it will have a life of its own and your revenue stream will continue to grow
Q: Once I have my wallet, what do I actually do to start my crowd?
A: All you have to do is tell two or more other people about your project or funding needs and refer them to this website. If they choose to participate with you, they will sign up by donating $37 and join the crowd using your access code. Now that you've started your crowd with 2 or more people and they begin their crowds, the funds will begin to accumulating in your wallet. Accumulation of funds in your wallet will happen more quickly if you continue to find donors for your project.
Q: Can I donate more or less than $37 to my friend's cause?
A: No, you cannot donate less than $37 and become a member of the crowd. The $37 covers the costs associated with creating your funding account, that is, your Wallet, and the service fees charged to us by the financial service providers that we use to make the crowdfunding platform work in a simple, easy to use process.
Q: If I give out my access number, am I giving other people access to my private information?
A: No, you are not giving them any access to your personal information. You are only giving them the access to make a donation to your project. No one can access your personal information without your password which is why it is so important to keep your passwords and private information SECRET!
Q: Must I pay taxes on the funds I receive?
A: We are not attorneys and cannot give legal or tax advice. However, your tax preparer or CPA can provide the information that applies to you. At the end of the year Dwolla will provide you with a 1099 form which lists the total of funds paid to you in that year. You can then give the 1099 form to your accountant or tax preparer.
Q: Isn't crowdfunding kind of like a Ponzi scheme?
A: No, not at all. A Ponzi scheme, by definition, is a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors. There is no "last man in" concerns with crowdfunding because the funding can continue on perpetually as long as it is promoted.
Also, there is no investment involved in crowdfunding. It's not a business venture seeking investors, but rather private people making a donation to a worthy cause. It is no more of a Ponzi scheme than is your church when it passes the collection plate or like PBS (public television) when it holds a fundraiser.
Q: Is your crowdfunding platform a form of Network Marketing/MLM?
A: No. There are similarities with the structure but it ends there. All Network Marketing companies sell Products. It is a business model designed to make a profit for investors. Crowdfunding is driven by Donations, and is designed to fund projects of all kinds.
Our platform is a proprietary, hybrid-permutation, of an existing computer program. While it could be adapted for network marketing use, it was designed for crowdfunding activities. The program uses a proprietary mathematical formula and it is not for sale. 2's Company - 3's a Crowd owns a private portal into that functioning, crowdfunding computer program.
Q: How long will it take to reach my funding goals?
A: Your funding results are initially dependent upon your efforts to build your crowd. However, once your crowd is started with two donations and those people get their two, it will develop a life of its own and generate funds for your needs whether you are actively promoting it or not. The more you build your crowd, the more funds will be generated in your wallet. No one can be sure how much or how long it will take.
Q: Can I create a wallet for my children?
A: Minors under the age of 18 can only participate with the permission of their parent or legal guardian. A Social Security numbers is required. If the minor has their own bank account you can create a wallet for them.
Q: What information must I provide Dwolla in order to create the link between my wallet and my bank account?
A: Financial service providers are required by federal "Know Your Customer" laws to request personal information in order to open an account. An individual will need to provide a social security number or an EIN (Employer Identification Number) for a church or charity which will then allow Dwolla to transfer funds from your wallet to your bank account. To establish your account go to: Dwilla.com, and fill out their account information. It is not a hard process.
Q: How can I make crowdfunding work for me?
A: By donating $37 to a crowdfunding member of the crowd. You can then begin to grow your crowd and receive revenue for you funding project, whatever it may be.
Q: Why $37?
A: In order to create a crowdfunding platform that offers an opportunity for everyone who participates, we had to team up with computer programming and financial service experts to help us make this concept a reality. The goal was to make the funding platform not only functional, accurate, and simple to use, but it also had to be "shareable" with others. It was a tall order to fill but we did it. However, there were costs in do so.
The $37 covers the donation to the project of the person who referred you to this site and creates your crowdfunding platform. It also pays the service fees of using the proprietary financial programs and services that were created to make this unique funding concept work.