The Wikimedia Foundation's stated goal is to develop and maintain open content, wiki-based projects and to provide the full contents of those projects to the public free of charge.[11] This is possible thanks to its Terms of Use (updated and approved on June 2009, to adopt CC-BY-SA license).[citation needed]
In 2001, Jimmy Wales, an Internet entrepreneur, and Larry Sanger, a software developer, founded Wikipedia, an Internet encyclopedia.
The Wikimedia Foundation was created from Wikipedia and Nupedia on June 20, 2003.[7]
On December 11, 2006, the Foundation's board noted that the corporation could not become the membership organization initially planned but never implemented due to an inability to meet the registration requirements of Florida statutory law.
That doesn't sound true, and linking to a change in the organization bylaws is certainly no "source" for the rationale.
I stopped reading there.