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LSDefine

Simple English definitions for legal terms

gifting circle

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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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Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
14:19
Ouch
HopefullyInLawSchool
14:19
your*
14:19
I fear I realized too late
babycat
14:20
another victim claimed
concorde
14:22
pwned
14:22
Might have to send in addendums for that
Dkk
14:26
No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
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