Our goal is to follow legal and tax best practices, especially for countries like the USA that are arguably less-friendly to crypto than others.
Based on an extensive amount of research and advisory conversation, we’re going to roll with a very flexible model that will most likely change later this year.
To start, we’re going to form a simple manager-managed Delaware LLC as a “wrapper” to the DAO, very similar to how Raid Guild is setup, i.e. “with the operating agreement deferring to the DAO contract code”. This will be BanyanDAO, LLC.
Since BanyanDAO originated out of Prota Ventures’ Labs division, the managing member of the LLC wrapper will be Prota Labs, LLC, which is managed by the Managing Directors listed on Prota’s website.
The Managing Directors at Prota will thus ensure that any legal/tax issues will be handled appropriately according to the laws of Delaware and the USA.
However, the DAO will be practically managed via Coordinape (for compensation) and DAOHaus (for on-chain proposal/treasury management)..