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Vinay Vasanji
@vinayvasanji.eth
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
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SydneyJason
@sydneyjason
This is really awesome! Any sort of jurisdiction considerations or is it simply “the code is how it works”?
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Vinay Vasanji
@vinayvasanji.eth
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
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SydneyJason
@sydneyjason
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!
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Vinay Vasanji
@vinayvasanji.eth
@chait is a lawyer and he built otoco.io - he put his legal skills to use by reducing inefficiencies in entity formation and management. that is a high leverage thing to do as a lawyer but unf a lot of lawyering work involves someone charging $5K to copy paste an existing template and "OK" the edits, that needs to end
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