About Independent Collectives

An Independent Collective holds money for itself in its own bank account (instead of joining a Fiscal Host to hold money on its behalf).

FAQ

Should I be an Independent Collective?

Being an Independent Collective is a good option if:
  • You have a personal or company bank account you can use to hold your Collective's money.
  • You only intend to have a single Collective associated with this bank account (if you'd like to manage multiple Collectives using your own entity, create a Fiscal Host instead).
  • You can take responsibility for accounting, taxes, liability, payments, and financial admin for your Collective.
  • You can set up a Stripe, Paypal, and Wise account connected to this bank account (not required but highly recommended so you can use Open Collective's financial automation features).
If the above doesn't describe your situation, join a Fiscal Host instead.

What are the benefits?

  • You hold the money in your own bank account and have complete control of it.
  • You can set your own policies about the activities of your Collective.
  • You do not need to pay any fees to use the platform.

What are the challenges?

  • You have to manage more admin tasks.
  • You hold legal liability.
  • You are responsible for accounting and taxes.
Last modified 1mo ago