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https://opensea.io/collection/nouns
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Ivo Entchev
@ivolver
Additional thoughts on the Nouns DAO transition to a DUNA and what it means, and some ideas for the future.
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Ivo Entchev
@ivolver
Per my earlier thread, advantages of a DUNA include: (1) giving the DAO a legal existence so it can contract, etc.; (2) bestowing limited liability to its members so they can't be held liable for actions of the DAO as general partners; (3) forming a taxable entity in the U.S. (so it can pay tax); and (4) positioning Nouns as a compliant, U.S.-based DAO for purposes of Trump's crypto policy and as a brand differentiator.
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Ivo Entchev
@ivolver
Some of the disadvantages include: (1) no payments to anyone without KYC; (2) all income of the DAO is subject to 21% corporate income tax; (3) the DAO has to hire an accounting firm and pay quarterly estimated taxes; and (4) to comply with 2-3, the administrator will need to make sure he/she has access to the treasury to liquidate sufficient assets to fund both tax and service provider payments on an ongoing basis.
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scottrepreneur
@scottrepreneur.eth
Could you elaborate on the requirements of 4. what constitutes access? how long is an ongoing basis (generally, here)?
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Ivo Entchev
@ivolver
The administrator must have sufficient access to the treasury to ensure that the DUNA is able to pay its quarterly taxes and the invoices of DUNA professional service providers as they fall due. This will typically require liquidating certain crypto assets and converting them into fiat.
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