Idle DAO Legal Structure - FAQs

[unicorn]

Hi @David_M_Kerr , nice to e-meet you ser.

First, sincere congratulations on the UNA proposal.
My opinion is that the Idle DAO must set up a legal structure ASAP.

This topic has been discussed with the community since September 2021 when the Treasury League came up with the first research on the subject: Legal structure for the Idle DAO

@David_M_Kerr

Some DAOs have also utilized more traditional structures such as Trusts, LLCs, and traditional C Corps again spanning across any number of jurisdictions. More recently, DAOs have begun to experiment with structures such as cooperatives and now UNAs.

Thank you for the honesty! This tells all.

I have stated publicly back on September 21 that IF the DAO can set up BOTH (UNA and Cayman Foundation) I would support it.

If I have to choose between UNA or a Foundation+ Company combo (LLC or/and any other limited liability structure in UK, Switzerland, Italy or any other countries), I would take into consideration 2 factors:

• Price/Costs: A Foundation goes for around 4k and then individual jurisdictions go from 500 USD (USA LLC) to around 6K (Switzerland). Source: https://www.otonomos.com/
  I looked at your posts but could not find the cost of incorporating a UNA.

Full disclosure, I am not associated with otonomos and I am not an investor in otonomos either.

• Social Security for “staff”/members: a UNA would pay taxes in the USA with no reason other than, in your own words

@David_M_Kerr

demonstrate a good faith effort to navigate regulatory uncertainty through self-regulation and risk avoidance

Tbh, this sounds a lot like extorsion money being paid to the American Empire, in hopes of protection.
Cayman (and other offshore jurisdictions) are NOT on any black list and neither are companies set up in countries like Italy, UK, or Switzerland.

Again, IF I must choose between a UNA and a Foundation+Company combo, I would rather support the combo because it would pay taxes where it’s fair to pay them (because they took place in those jurisdictions) and also because that would open the door to (optionally) register and offer social security benefits to staff/members in the country of residency.

I noticed @Biaf already asked about total costs. Again, if @David_M_Kerr could provide at least a cost estimate for both the UNA and the Foundation+Company combo that would help to speed up a decision from my side at least.

I would also like to hear from @TheHanAndOnly about pricing for UNAs.