001 - DAO Registration

Proposal Summary: Register the DAO as a Wyoming DAO, LLC, and do all required steps for this registration to be possible.

Details: In order to have limited liability status to protect DAO members, and in order for the DAO to enter into formal agreements and have access to services such as banking, the DAO should register as an entity. I propose a Wyoming DAO, since most of the DAO’s members are currently in the US and we will likely grow in this market first. We also want to be able to continue to operate in this market long into the future.

To address concerns about US regulations: The only way to avoid US regulations is to entirely leave the US market, limit integrations with US projects, and not service US customers. Creating an offshore entity does not solve any of these to being with, nor should it be our goal to try to limit ourselves for a questionable regulatory benefit. The latest Ripple ruling also shines a bright spot for the future of tokens in the United States.

This proposal would authorize the registration of Contrax as a Wyoming DAO and fulfilling all prerequisites to registration, such as securing a registered agent and a virtual Wyoming office. This would also include hiring an attorney to help with the registration and drafting the initial bylaws (which themselves will be voted on once ready). The attorney can either be the same one Leios uses (and a waiver would be signed by both sides for a conflict of interest) or others can be suggested in the discussion for this proposal. Leios agrees to cover all expenses related to the registration in its grant to the DAO.