MGH Korea - setting up a legal entity

Executive summary: One of MGH's visions is to create a truly decentralized autonomous organization. With the establishment of MGH Korea, we aim to set the stone to expand into the Korean community and contribute to the vision of becoming truly decentral.

The main goal for the establishment of a legal entity is the ability to legally engage in contractual matters while setting the scene for the seriousness of this working group. This move would also be vital when we later present our business model. For Korean companies, it will be very important to do business with another Korean company. If MGH Korea is not a legal entity, doing business will face local challenges.

Furthermore, we believe that building dApps and our vision without revenue is going to be a dead-end. Making sales and revenue is very important to prove the sustainability of MGH Korea and also the ability of the MGH Korea core team. Therefore, we expect to sign our first LOIs in April (given that MGH Korea becomes a legal entity) and then make first sales in May 2022.

Part 1 - Proposal What problem are we solving? The problem is that without a local legal entity in Korea, doing business will be difficult.

Deliverables: Deliverable 1: finding a law firm to consult in legal formation matters Deliverable 2: request pricing and a process chart for the legal entity formation Deliverable 3: establishment of the legal entity beginning March 7, 2022

Proposal category Improve the organization of MGH DAO

Funding request $MGH 11,000, and a capital deposit of USD 100,000. Note: the capital deposit must not be declared as costs. The capital deposit can be used immediately after the foundation and is equivalent to the German “Stammkapital” in a GmbH formation.

Wallet address 0xBC00d5941DfD50ce4458A4D1E5bD06368CDEa98b

Public link Confidential. Sharing only upon request.

Previous proposals 1- Korea Working Group Proposal - Jan 2022 https://snapshot.org/#/metagamehub.eth/proposal/0x3bc03463a33da737a6c2f5e734c6f0baa65ba94fc2c8b92e0beb29357ddc450c 2- MGH Korea - Operations & Execution https://snapshot.org/#/metagamehub.eth/proposal/0x51a635ed9f6010eb1cc6bdcabb0ad203770f0c57bb1f915bf0a9620b3f66c3d8 3- MGH Korea <> WoW Pixie Collab https://snapshot.org/#/metagamehub.eth/proposal/0xdc59a99c9ca153f653a1c816a2a2898b535f87ea8341253f04a0cab7a2b5f823 4- MGH Korea Hackathon Competition https://snapshot.org/#/metagamehub.eth/proposal/0x4ac211c77c9634867080d63d5ce32015a8de754ce71ab3539fb28a4e8ff8957c

Part 2 - Team Project lead: Max Zheng Project lead email: max.zheng@thedac.info

Part 3 - Proposal details What Problem(s) will be solved? The difficulty of legal operations within local laws. And the problem of signing local contracts.

If in Category “Improve the organization of MGH DAO”: By forming the legal entity in Korea, we would become one step further in becoming more decentralized.

Timeline/roadmap for the deliverables and milestones of the proposal Given the previous proposals, we should start with the establishment of the legal entity by March 7. Only then, can we guarantee a flawless process when signing LOIs while organizing the Hackathon and onboarding the first stakeholders.