Contribute money to form Omni Development DAO LLC in Republic of Marshall Islands

SITUATION (Problem): Finalizing the business structure for Omni Development DAO will entail creating a for-profit LLC in the Marshall Islands. Doing so will cost money that the DAO currently doesn't have.

DATA: Authorities in the DAO space and other legal sources say that the best structure for a DAO includes "wrapping" it in an LLC or corporation in some recognized jurisdiction. When this is not done, it is almost impossible for the DAO to get a bank account, hold assets outside the DAO, and contract with some entities that do not recognize (yet) the validity of DAOs.

We have also found that potential investors want to see a company like ours registered in a known jurisdiction. So, not doing so is a potential show-stopper for some investor prospects.

With the above in mind, we have been planning to for the Omni Development DAO LLC in the Republic of the Marshall Islands (RMI). We chose the RMI venue because their legislature has passed legislation that is specifically tailored to the unique needs and differences presented by DAOs. Panama is another jurisdiction that has had the foresight to enact DAO legislation. But, because Elena and I live in Panama, we think it better to register in RMI. This makes any income we receive from the DAO "off-shore" income with respect to Panama taxation (and therefore not taxable).

Now that the Omni Development DAO (ODDAO) is formed, we are better in a position to finalize the paperwork and get the LLC established.

The least expensive company I have seen that does company registrations in RMI charges about $1200 for the service. There might be a less expensive alternative or alternatives, but we will need to do further research to find it.

Since the newly formed DAO does not have any income or assets, it will fall to the founders to authorize and contribute, in order to pay for the registration. That means about $250 per person. I suggest that we send this money to the address of the DAO treasury (0x664B6347a69A22b35348D42E4640CA92e1609378) in the form of a USD stable coin such as USDC or USDT. The treasury can this disburse this to Schohaib (as the Legal Officer) to send to the company registrant in RMI. We could conceivably send the money directly to Schohaib. But, by passing the money through the DAO treasury, there is created a record of the proposal, approval, and transfer in the permanent record of the DAO.

I understand that paying money into the DAO is probably not an action that any of us have been looking forward to. So, I understand that it is possible that this proposal could be rejected. But I think that forming the LLC will eventually need to be done. And I think it is better to do it sooner rather than later.

SOLUTION: Approve this proposal and each founder take the steps to transfer $250 in USD stable coins to the company treasury. We will then set up an "on-chain" proposal within the Decent DAO space to approve the expenditure and transfer the funds to do the registration.

This is okay, as it is the quickest and most expedient way to accomplish a vital establishment step for the company.

The above is true and correct, to the best of my knowledge and belief.

Richard Crites