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If I already have an LLC, can I convert it to a DAO?
If I already have an LLC, can I convert it to a DAO?

You have an LLC and would like to convert it to a DAO, can you? Here's the process.

Updated over a week ago

Yes, if you already have a US-based LLC you can convert it into a DAO.

To do this, you need to file an amendment to your business’s articles. Your articles must include:

· A statement that your business is a DAO

· Whether it is member-managed or managed by an algorithm

· A change of your business name (see question above for advice)

· You must have a registered agent in Wyoming and have written consent of appointment by that agent

· A “Notice of Restrictions on Duties and Transfers,” which states that the DAO Supplement, smart contracts, articles, and operating agreement (where applicable) of a DAO may reduce, define, or eliminate fiduciary duties and restrict the transfer of ownership, withdrawal, resignation, return of capital contributions, and dissolution.

· An identifier of any smart contract used to manage, facilitate, or operate the DAO must be made publicly available.

Fortunately, forming a DAO is straightforward and relatively inexpensive to form and run. If you want to find out more about any of the questions above, you can find the government’s explanatory document here.

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