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Chaitenya Gupta
@chait
Introducing: Entity Formation Frames 🖼️ Spin up an onchain LLC, starting at just $49 - select your jurisdiction, and incorporate! @hanverstraete.eth and I have been wanting to bring this to the farcaster community as “spontaneous” entities Tx's ⚡ by: @base 🔵 https://frame.otoco.io/api
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:grin:
@grin
I only incorporate in ways @thethriller approves of What’s the verdict here?
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Chaitenya Gupta
@chait
We don’t do DAO LLCs yet but you can spin up an LLC (Series) using otoco.io in DE, WY, and Marshall Islands You can manage using dashpanel, request an EIN/Tax ID, open a mercury bank account. With over 1200 entities created we are only just getting started! Happy to answer any specific questions you have?.
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Based Fella
@akumara
So I made a offshore llc afew years ago thru a company for around $3000 usd for tax purposes and to create accounts with stripe, wise, etc Are you saying that with this I can do it myself, on-chain, and for a fraction of that cost?
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Chaitenya Gupta
@chait
Yes, exactly that. We have had successful account openings at mercury.com, stripe, wise.com with these onchain LLCs. You get your operating agreement in your dashpanel and all plugins required to maintain your LLC. Or you can simply use our onchain smart contract based plugins
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Based Fella
@akumara
So there is no ongoing renewal costs? What about tax reporting etc? Basically all companies who are charging $1000+ to make LLC companies for businesses is a scam then?
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Han
@hanverstraete.eth
Company formation is the last bastion of 19th C analog ritualism! It's one big hidden pocket of rent-extraction ready to be eaten by software. And much of actual company incorporation work is still mediated by lawyers (and filed by para-legals in the basement of their expensive offices) who run the ultimate fee racket
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Chaitenya Gupta
@chait
You should read this https://docs.otoco.io/docs/series-llc-structure Should help you understand. Angellist follows a series concept for LPs too
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TheThriller 🎩 Adam Miller
@thethriller
Otoco is offering Series LLCs, not LLCs. If you Google it, you can see the differences and limitations. But it is much cheaper!
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