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LSDefine

Simple English definitions for legal terms

gifting circle

Read a random definition: maximalist retributivism

A quick definition of gifting circle:

A gifting circle, also known as a gifting club, is a type of pyramid scheme where people give money to other members with the hope that they will receive more money in return from future members. Some gifting clubs only allow women to join and leaders may try to avoid paying taxes by calling the money a "gift". However, many states consider gifting clubs to be illegal and similar to a lottery or Ponzi scheme.

A more thorough explanation:

A gifting circle is a type of pyramid scheme or Ponzi scheme where members make "gifts" of money to other members with the expectation that future recruits will make "gifts" to the present members.

Many gifting circles limit membership to women and leaders often try to evade income-tax laws by claiming that the money paid in by a recruit is a tax-free "gift" to a club member. They also warn new recruits not to expect "gifts" in the future.

Some states consider gifting circles as illegal pyramid schemes while others hold that they are illegal lotteries.

For example, if a person joins a gifting circle and pays $1000 to a member, they are promised that they will receive $8000 in return once they recruit eight new members. However, this is not sustainable as the number of new members required to keep the scheme going increases exponentially.

gift enterprise | gift inter vivos

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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