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BlockchainGuild / BlockchainGuildCommunity

Blockchain Guild Community
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incorporating #7

Open jandrieu opened 6 years ago

jandrieu commented 6 years ago

Chris asked:

To avoid needing incorporating, can we avoid custody of funds from patrons, and use multisig with timelock act as a non-custodial escrow?

I am not a lawyer, but I have been through this dance several times. As soon as you act in concert, you become a legal partnership in the United States, with each partner assuming full and several liability for the partnership.

As the SEC has stated wrt securities, using the Blockchain for transactions merely changes the form, not the fact. You can't escape the need for limited legal liability by using fancy tech to limit financial capability. Each and every "member" could easily be held accountable for the liabilities of the organization.

Tread carefully, friends.

nmishrablog commented 6 years ago

This is a great opportunity to work on an Open Finances organization. I have started a host on Open Collective for StandardMeta and would love to sponsor the org.