SporosDAO is a Delaware registered series LLC under the Ricardian Master series LLC entity.
Details on legal formation and operating agreement are available here.
The LLC operating agreement defers management of LLC membership to the on-chain contracts. Following is a link to the SporosDAO contract:
The legal entity primarily serves as a liability vail for DAO LLC members. It also allows the DAO to own Intellectual Property, Trademarks and other assets as an independent entity.
<aside> ⚠️ Note however that there are two other important government regulatory aspects of a DAO LLC: securities and tax compliance. These two also require members to sign agreements and follow clear procedures. We are currently working with the LexDAO community of crypto attorneys to find and automate the simplest possible way for web3 builders to be securities and tax compliant from the start. Latest summary of our research is available here.
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