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So it's the shareholders who are responsible for forming an LLC? How can they prevent non-members from becoming partners in the DAO, given the software is auton
by Jabanga 9y ago
So it's the shareholders who are responsible for forming an LLC? How can they prevent non-members from becoming partners in the DAO, given the software is autonomous and has no permission controls?
- will_brown 9y agoFirst LLC's don't have "shareholders" the owners/equivalent of an LLC is a Member. The process would basically be as follows: Say you form an Investment Club LLC, you create a smart contract/ICO with up to 99 tokens, and purchasers of the ICO tokens become a "member" of the LLC. Thereafter, the Investment Club LLC members could create a smart contract/investment opportunity, but you would only be able to vote/invest if you are a token holder...you say there are no permission controls but this was exactly how the DAO was marketed to function, buy a Token for DAO and you could participate/vote on future DAO investment opportunities.
- Jabanga 9y agoSo you're suggesting that instead of Slock.it developing the smart contract, an LLC should have? How do the token buyers qualify as members of an LLC when they're anonymous buyers with no legal affiliation to a LLC? Or are you saying the LLC wouldn't be a traditional one with a legal identity and identification of its members?