business

I agreed to profit share a specific initial $ amount of profit to an investor in my OtoCo onchain LLC

To set this up in meatspace would have required a bunch of lawyers, docusigns, and overhead like tracking and distributing funds

Onchain, I simply setup a Recoup on @splits

splits.org

active at /splits, come say hi 

I agreed to profit share a specific initial $ amount of profit to an investor in my OtoCo onchain LLC

To set this up in meatspace would have required a bunch of lawyers, docusigns, and overhead like tracking and distributing funds

Onchain, I simply setup a Recoup on @splits https://docs.splits.org/templates/recoup

editor https://lowercase.cards/ prev: everyname (acq. Q4 '23)

This is really awesome! Any sort of jurisdiction considerations or is it simply “the code is how it works”?

Genart collector. Tinkerer. Investor. Crypto maximalist. Nomadic traveler w/ my wife and 3 kids. Temporarily settled-ish in Spain

Totally makes sense. Will be great to see more meatspace type adoption in areas like this over time. Lawyers definitely have a place in collaborating around laws and risk, but not necessarily needed to do mechanics stuff like this!

I need to look into the specific tax rules around how LLC distributions work in the US which is where my OtoCo LLC is setup - but I think it can be sensibly configured with the initial split being where revenue goes and subsplits being how recurring costs and profits are accounted for