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Chaitenya Gupta
@chait
Recast: Based Entity Formation 🖼️ Spin up an onchain LLC, starting at just $49 - select your jurisdiction, and incorporate! https://frame.otoco.io/api Tx's ⚡ by: @base 🔵
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TheThriller 🎩 Adam Miller
@thethriller
Why you calling them LLCs when they’re really Series LLCs 😭 not nice
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Chaitenya Gupta
@chait
Series LLCs are a “type/group” of LLC. They give you everything a standalone LLC does: - Limited Liability - EINs + Bank Accounts - Distinct Entites - Own members and taxes This concept of “Series” is also heavily followed by AngelList!
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TheThriller 🎩 Adam Miller
@thethriller
I think you’d be hard-pressed to find one lawyer, who would agree with that without major reservations.
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Chaitenya Gupta
@chait
We have spoken to legal counsel and in addition legal counsel of AngelList tends to agree? 🤷 https://help.angellist.com/hc/en-us/articles/360058008551-How-does-AngelList-support-different-fund-structures#:~:text=If%20you%20choose%20to%20have,your%20self%2Dmanaged%20Master%20LP.
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TheThriller 🎩 Adam Miller
@thethriller
AngelList uses it for roll up investment vehicles that are all also connected to AngelList itself; they’re not telling startups to use their Series LLCs for their legal entities 🤦🏼♂️
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Chaitenya Gupta
@chait
While not specifically talking about "LLCs" related to angellist, they user the "Series" structure concept for their "Synidcate/SPV" product too
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TheThriller 🎩 Adam Miller
@thethriller
Well I do agree Series LLCs can be good for SPVs like what AngelList does
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