PVFD Proposal to Pay 2023 Invoices and Continue Legal Wrapper

Proposal Title: PVFD Proposal to Pay 2023 Invoices and Continue Legal Wrapper

Date of Submission: 1/20/24

Proposal Committee: Executive Committee

Implementer(s): The Executive Committee is organizing the components of the proposal. The Multisig team is responsible for transferring funds to the Director (Campbell Law) who is responsible for dispersing to appropriate accounts to ensure invoices are paid in full for 2023.

Discussion: https://forum.foundersdao.app/t/pvfd-proposal-to-pay-2023-invoices/285

Abstract: The Founder’s DAO has a legal wrapper set up as a Foundation Company through the Cayman Islands, which allows us to operate as a decentralized organization. As part of this legal wrapper we pay Silverside Management, a Supervisor, and a Director, to ensure we are legally protected and the proper paperwork for the foundation company is submitted to the proper entities in the Cayman Islands. (Invoices are linked below). In addition, a Yes vote for this proposal will allow the Director and Executive Committee members to complete the paperwork to keep the Foundation and Legal Wrapper in place and operating as is for 2024.

Motivation: We need to pay our bills for 2023 and officially approve the extension of the Foundation and therefore the Legal Wrapper.

Connection to Mission: The Legal Wrapper allows us to execute on all proposals that support the Mission, because it allows us to operate in a decentralized manner while providing protections to our members.

Specification: Invoices for 2023: Silverside Management LTD (Registered office, Secretary, Supervisor): https://drive.google.com/file/d/14UDZeLLbynQU0XpXdmPg30ghcpRCRCZW/view?usp=sharing Director (Campbell Law): https://drive.google.com/file/d/1voB27E1oWX56iany-8vikSYTsu-Fcy3M/view?usp=sharing

Total for 2023 invoices: $36,135.00

Invoices for 2024 (to be paid in advance): Annual and Professional Fees: https://drive.google.com/file/d/1GKjdXHX59iRyJB8WFrrL-_pI1lai5OoM/view?usp=sharing

Total for 2024 (more will be paid at the end of the year): $6,703.10 Extra funds for Transfer Fees: $100.00 Grand Total to be paid after approval of this proposal: $42,938.10

Execution: If quorum is reached and a Yes vote is the Majority: The Multisig will send $42,838.10 USDC to our Director (Campbell Law) at the address: 0x443Bff886BE2658655a32c1B2008Fb432D7DF0CE The Director will use the USDC to pay all invoices listed above via wires and/or transfers. The Director (Campbell Law) will provide invoice receipts for PVFD records. The Director, along with Executive Committee members, will complete paperwork necessary to continue the Legal Wrapper as is.

Benefits: The Founders’ DAO must pay its outstanding bills in order to stay legally compliant. In addition, with a yes vote for this proposal, we will be continuing the legal wrapper in its most basic form. The purpose is to stay legally compliant, legally protected, and decentralized, as we move towards finding our true purpose and possible revenue sources.

Drawbacks: Paying the Invoices: The bills must be paid. The drawback for paying the invoices is that we are using a significant amount of funds.

Continuing the Legal Wrapper: The drawback for continuing the legal wrapper is also financial. If we vote to continue operating as is, we will owe around the same amount at the end of 2024. Since we don’t have a clear path to profits, it’s expensive to keep the legal wrapper in place, however, the cost of not having one could be significant as we could face legal and financial liability.

Outcomes: A successful outcome for a Yes vote is our invoices being paid in full and our paperwork for continuing the Legal Wrapper being submitted.