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Bixbite 👽
@bixbite
I think if the Foundation wants to transition to a Duna it needs to fork and start fresh…. If not, your putting current and previous holders potentially at risk seeing as how no KYCs were ever done & we have indeed funded numerous people from US sanctioned countries…. You can’t just walk that back. Also, has the Foundation paid taxes at all on the last 3 years on the DAOs behalf? If so, we’re are the returns? Can they be made available through token gate access for holders? …. If no taxes have been filed, are we expecting a massive tax bill once the structure gets changed. Is it safe to say ~1/4 of the treasury will go to Uncle Sam? If a structure change is needed why not incorporate in Dubai or a place that has well established crypto regulations… the US is the biggest gamble right now given the current political landscape. Gary JUST sent Opensea a wells notice, and we really think it’s the best move to transfer the entity within the US 50 states? 😳
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Michael Gingras (lilfrog)
@frog
Yea I’m not really sure what the benefit is either. I’m not a law person whatsoever but this seem like huge sacrifices for basically no gain?
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Bixbite 👽
@bixbite
I dabbled in a little law before being a paralegal for 2 years (not related to corporate structures or taxes) but I love to deep dive into this kinda stuff. I’ve also had an LLC & currently have an active SCORP, I wanted to just transition over but my accountant said it was cleaner to start fresh and have the SCORP ‘buy out’ the LLC for the inventory etc to transfer over, I have a feeling it might be the same with this situation.
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