LexDAOism
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LexDAOism

Ricardian LLC: Limited Liability NFT

Ricardian == LLC Minting on Ethereum. Governed by a legal engineering DAO.

satellites all way down

Ricardian LLCs for All

“It is the policy of this chapter to give the maximum effect to the principle of freedom of contract and to the enforceability of limited liability company agreements.”§18–1101(b), Delaware LLC Act

*so summoned*, Ricardian LLC
code
law // OpenSea

Soft Launch

The soft launch docs for the Ricardian LLC project are here for review, but the dots are:

  • Open: Any Ethereum account can make an entry as a Ricardian (Series) LLC by calling the ens domain ricardianllc.eth or the mintLLC() function. This will grant the network user an NFT and works as an acceptance of the Ricardian LLC Agreement Package (Note: Schedule B, Disclaimers!).
Minting TX.
  • Legal-Engineered: LexDAO, through its own Series, will first govern this NFT ledger through a Gnosis Safe (2/4 signers). This governance includes the right to update the masterOperatingAgreement(), the default NFT metadata, and the power to revoke a listing in the Ricardian LLC network.
  • Support: Tech support will be first routed through this Gitter chan for users who want to engage in the Ricardian LLC soft launch and provide feedback.
  • SIMPLE RICARDIAN USE CASE == Hypo: Multi-sig managing a smart contract or deal flow wants a basic legal wrapper with low friction. The key signers vote to execute a call to ricardianllc.eth, wrapping their multi-sig into an LLC in the Ricardian network.

Crypto Law Renaissance

Parallel to crypto lawyers developing best practices in this domain, such as the “code-deference” approach, the community has forged paths to make crypto digestible to judges and the legal-system-at-large by pushing for supportive legislation (To name a few milestones, the adoption of blockchain-related provisions into Delaware corporate law, the establishment of a Vermont sub-chapter for a Blockchain-based LLC, and the drafting of a Wyoming bill with LLC provisions tailored to DAOs).

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