We talked about a privately held corporation, or LLC.  Either way it is considered securities and would be subject to the Blue Sky Laws of each state, at least that is they way I understood it.  There was also something I read about "qualified investors", very few of which our shareholders would qualify as (I know I wouldn't).

I was thinking an annual fee of around $300 - $500 depending on how many participants we had.  After the first year, we could see how much marketing we needed, what was left, and how much money we needed to continue the effort.  There would also be a transaction fee of anywhere from $1.00 to $10.00 depending on the services requested.  For instance if we need to rekey the search in order to offer the format required by the client it would obviously cost more than if the abstractor used the available technology to do that part themselves.  It all depends on the level of interest, the depth of services offered, and the requirements of the clients.

The work flow would depend on the clients.  The abstractors would still need to provide a value to the customer to give them a reason to choose them as a "regular" abstractor.  The marketing fee would help bring clients to the site, but it would still be their choice which abstractor to use.  The problem with accepting an order and US determining the abstractor is basically a quality issue.  If we choose the abstractor and they don't deliver what is expected, the client will go elsewhere and everyone else loses.  If they choose their own abstractor - they simply choose a different one next time if they weren't happy with the product.

Robert A. Franco
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