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

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

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

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

building /quidli 🦑, casting in /justinahn, daoing in /🍊 & /🟪

Yes, though if you really wanted to get creative you could get meatspace revenue, and onramp it to the smart contract (USD->USDC) and then it would still work as intended. As long as the recipients are OK with that

this is cool, does the revenue need to come onchain, in crypto, in order to be trustlessly applicable?

(will need to peruse through these docs 😅)