What EVERYONE Needs to Know About the New Clubhouse “Gifts” Feature (giving money to others)
First, I’m a fan of being able to monetize digital platforms, especially Clubhouse. Having said that, there are issues everyone needs to understand.
Regarding what is happening on Clubhouse, most of the details can be found in your profile. Simply click your profile, click the settings button (top right), drop down to the “What’s New” tab and read. You can also see this post.
During my room earlier today, we had a good discussion on this new update to Clubhouse. The extremely smart lawyers and professionals who joined me on stage shared their thoughts around the following related issues that I think we all need to pay attention to. For the lawyers reading this, you may want to share your recommendations with clients who are using Clubhouse and plan on monetizing the platform.
Issues Recognized and Discussed:
How are our profiles created? As individuals or through our business entities?
Ethics and conflicts of interests issues?
Is the payment an actual gift or is it consideration for value? (substance over form issue).
State, national and international tax liability issues?
For the lawyers, doctors and accountants reading this post, are you creating an actual attorney/client relationship or the appearance of a professional relationship?
I am a big fan of being able to monetize the Clubhouse platform. However, there are major things for everyone involved to take into consideration including those topics above.
If you have questions, please check with an experienced lawyer and accountant in your state. For purposes of interviews, I’m available to be a guest speaker on your Clubhouse stage if anyone has questions.
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