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Blockchain ValueAuthor: Olga V. Mack
Hello! Welcome to Blockchain Value. We focus on the value of blockchain across industries. Together with builders and those who support builders, we explore how blockchain technology adds value and what new business models emerge. Language: en Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Season 3, Episode 6 - The IRS Is After Me: Why You Should Incorporate Your DAO (with Adam Miller)
Tuesday, 18 July, 2023
While ‘Decentralized Autonomous Organizations’ and ‘Incorporation’ might sound mutually exclusive, that could not be further from the truth. In fact, DAOs are not really protected or given the opportunity to realize their full potential until they incorporate. The reason why is threefold: first, if a DAO is not recognized as a legal entity, all of its contributors are at significant personal risk; second, if a DAO doesn’t have corporate personhood, it cannot own any intellectual property, participate in traditional finance, or hire employees; third, without tax entity, all of a DAOs members can be held accountable for taxes on any net earnings the DAO generates. The problem is, not a lot of people know about this and continue to organize with the hopes of changing the world without first ensuring that their foundation is stable. Others who might be aware about the benefits of incorporation dismiss it out of fear that it is ‘too complicated’ or ‘too expensive.’ In reality, incorporation has never been easier than it is today. In this podcast episode, Adam Miller will share everything you need to know about how to incorporate your DAO.
