Idle DAO LLC: Operating agreement

Summary

A proposal to discuss the Operating Agreement of the Idle DAO LLC.

References

• Idle DAO incorporation in the Marshall Islands governance post
• MIDAO website

Background

After the positive feedback received from our community regarding the intention of incorporating the Idle DAO in the Marshall Islands

Finally, we came up with a solution that should help our DAO have a formal legal wrapper without adding too many legal burdens. The selected solution aims to incorporate the DAO in the Marshall Islands with a not-for-profit structure supported by the MIDAO.

We have kept working with legal advisors and today we can present a step forward in the incorporation of our DAO: the Operating Agreement of Idle DAO LLC.

Operating agreement

The Operating Agreement of Idle DAO LLC, which can be read fully here, is composed by twelve articles as follows:

1. Organization
2. Purposes and powers
3. Members
4. Right and duties of members
5. Algorithmic management
6. Accounting and records
7. Contributions and capital accounts
8. Dissociation of a member
9. Admission of additional members
10. Dissolution
11. Amendment
12. Miscellaneous provisions

The document contains also two appendices that summarize

• The DAO's Treasury wallets, as listed in Idle's documentation
• The DAO's Governance processes, as described in Idle's documentation

Following the Marshall Islands legislation, we will need to pick a Beneficiary Owner that will sign this operating agreement and be the first point of contact with the local officers. Leagues sponsor @Biaf to take this responsibility given his long and positive experience as a DAO core contributor.

Next steps

We encourage the community to thoroughly read the Operating Agreement document and share any feedback on this. If there won't be any requests for adjustments or changes, we will start the usual off-chain voting process.