Law & Policy

basespace

፨ Legal Entities for Web3 & DAOs 🎙️Host of Just DAO It! Podcast 💼 Founder of MIDAO 🟪 Purple 🏴 bDAO nf.td/thethriller

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!

Let’s ask the lawyers. Would you ever tell someone a Series LLC gives you all these things, without a million caveats? And would you just call it “an LLC” when telling people about it?

፨ Legal Entities for Web3 & DAOs 🎙️Host of Just DAO It! Podcast & /daos Channel 💼 Founder of MIDAO 🟪 Purple 🏴 bDAO nf.td/thethriller

To be clear, there are obviously lots of great use cases for Series LLCs. We’ve even talked with you about doing a Series DAO LLC in the Marshall Islands. But I think you need to be up-front with people about what they are good for and their limitations, and you’ll still get a ton of demand. ￼￼

@chait and I are both not lawyers tho FYI 🤣 just happened into building LegalTech start-ups 👨‍⚖️👨‍💻

Ooh interesting — I'd love to hear more about this esp given you are a lawyer

I'm sure there are many caveats, risks, and tradeoffs

This doesn't feel like a good-faith argument.

1) Adding the word "Series" is neither nuance nor difficult to do on Warpcast or in a Frame.
2) Even in your documentation (see image) you say something is "categorically" true, when in fact it is nuanced and not always true
3) Yes, the 3% tax is listed *on our homepage*!

Recidivist entrepreneur i.a. https://otonomos.com https://otoco.io, family man, books & music lover, sailor (not always in above order)

Warpcast is not the place for fine nuance. However simplification for the purpose of getting the community to do further investigation is not the same as intentionally trying to mislead them as you seem to imply. When you cast about the DAO LLC in RMI are you dissecting all the ins and out of the 3% tax that applies?

Adam for all intents and purposes it's an LLC the Master is not a Member of any of the Series so they're stand-alone in that they have their own asset and liabilities and are protected from whatever may happen to the other series and with the master itself.