You will need the following information to complete your DAO LLC filing. Our team will ensure all this is ready once you decide to form with us!
Information Required for DAO LLC Formation:
1. A publicly available identifier of any smart contract directly used to manage, facilitate or operate the DAO.
You can use a link to your smart contract or an address that you have set up where in the future people will go to / you and the team will go to manage the DAO!
2. Decide if the Notice of Restrictions on Duties and Transfers pursuant to W.S. 17-31-104(c) appear in the operating agreement.
Yes or No. If the answer is No, you would need to provide the "Notice of Restriction on Duties and Transfers."
Please note the notice should be very similar to the one provided by the state since it is required to be this way. If it is too different, then the state might reject the application.
Then you will have to submit a new application and you'll have to pay the state fees again.
Yes (The Notice of Restrictions on Duties and Transfers will appear in the Operating Agreement.)
or
No (The notice of Restrictions on Duties and Transfers will not appear in the operating agreement, they are written below: Notice provided to you)
3. A Notice of Restrictions on Duties and Transfers if it will appear in the operating agreement -> this is the standard notice we use that is recommended by Wyoming case law! If you'd like to edit it let us know. "The rights of members in a decentralized autonomous organization may differ materially from the rights of members in other limited liability companies. The Wyoming Decentralized Autonomous Organization Supplement, underlying smart contracts, articles of organization and operating agreement, if applicable, of a decentralized autonomous organization may define, reduce or eliminate fiduciary duties and may restrict transfer of ownership interests, withdrawal or resignation from the decentralized autonomous organization, return of capital contributions and dissolution of the decentralized autonomous organization."
4. Decide - Pursuant to W.S. 17-31-104(e), whether the DAO is member-managed or algorithmically managed.
If management will be conducted algorithmically, you will need to enter a statement including to what extent.
5. You must have a registered agent in Wyoming and have written consent of appointment by that agent.
Example:
The DAO LLC will be managed algorithmically by the (Name of the Smart Contract) smart contract, established on the (Name of the Blockchain) blockchain.
How to name your DAO LLC
The company name must include “DAO LLC” or a combination of the entity indicators for both DAO and LLC as follows:
The name must include specifically, “DAO”, or “LAO.”
The name must include the words “Limited Liability Company,” or its abbreviations “LLC,” “L.L.C.,” “Limited Company,” “LC,” “L.C.,” “Ltd. Liability Company,” “Ltd. Liability Co.,” or “Limited Liability Co.”
Additional resources:
Explain Like I'm 5 Video on DAO LLCs
Our DAO LLC page explains our package in more detail
Our complete guide to DAOs where you can learn more
Our DAO FAQs article
The Wyoming Secretary of State DAO LLC Articles of Organization for more info
If you haven't already signed up with us, sign up and check our pricing from here - https://app.doola.com/