The internet revolution gave rise to a number of new business models such as electronically enabled B2C (Business to Consumer), B2B (Business to Business), C2C (Consumer to Consumer) and P2P (Peer to Peer). These new 'e-exchange' models were essentially virtual organizations. They were without the legal entities and hierarchical governance structures associated with traditional organizations, but are they exempt from the social responsibilities? These forms developed rapidly and enormous strides were made in information exchange and social media, creating more new forms of virtual organization. The structure and governance of internet-facilitated virtual organizations have grown to be ever more complex. Expectations and mechanisms of meeting social responsibilities have also evolved, however they did so in a fragmented way. In this paper we use stakeholder and path dependence theories as lenses to track the progress and examine the current state of economic, legal, ethical and discretionary social responsibility efforts across the user-participation eexchange spectrum.