What is actually envisioned as the legal status of the DAO - would we incorporate it somewhere? I am asking because I have met a social entrepreneur and “legal hacker” (Jeff Braun of CPX project), who have worked 5 years to create a corporate structure in Luxembourg that might be very interesting.
Jeff plans to incorporate a non-profit next year to create certification labels. The interesting part is that it will have 11 billion shares available, and any person on the planet can claim one. The share issuance can be done by block-chain due to a loophole in non-profit EU law and the operations can be very diverse while retaining non-profit taxation.
Not sure it is relevant now, but if incorporation becomes important, and it is difficult to find a jurisdiction, we may be able to piggyback on Jeff’s work (who is also interested in using PoH for his project).
i don’t think (at least now) we should do a legacy vehicle. that said: there’s interesting stuff like the recent legislation for daos in wyoming and stuff like that.
but for now, id keep this 100% cypherpunk.
I think that we’re a “legacy vehicle” whether we like it or not. In the U.S., many jurisdictions would consider the DAO a partnership. For the others, the DAO would likely be an unincorporated non-profit association. And each jurisdiction will have its default legal framework it will apply. By the DAO not taking action, action will be taken on its behalf, so to speak.
The share issuance can be done by block-chain due to a loophole in non-profit EU law
I’m not aware of such a “loophole” in the U.S. FWIW, unregistered / ad hoc security offerings isn’t something I’d want to participate in!
This is not legal advice and does not confer an attorney-client relationship.
When I said loophole I did not mean tax loophole or anything nefarious - it is apparently just that legally required reporting demands are lowered.
I’ve though a lot about using Guernsey Foundations to do this. We have some new law on intelligent agents as well that is interesting for DAOs Innovative new law opens Guernsey up to Artificial Intelligence | Ogier