Yes I am wary of using it being based in a different country. To fully understand the legal implication will be more work than the help I am going to get on the project.

I think it would be much more useful to have a meetup-style site to find people locally to work with, then let them organise between themselves if they want to start a company etc.

On the other hand for a pure opensource, no profit, MIT-licence kind of thing Assembly would be OK. The problem is Assembly wouldn't make money out of that model.

It maybe something that GitHub or Apache could promote though.