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doola announced that they have launched full support for forming DAO (Decentralized Autonomous Organization) LLCs in the U.S., including Wyoming, Delaware, and all other U.S. states. Founders globally can now register a DAO LLC through doola remotely, without visiting the U.S. doola also announced a partnership with Syndicate to enable investing DAOs on Syndicate to get legal entities, open fiat bank accounts, submit state compliance filings, and issue K-1 tax forms easily and affordably. This is a game-changer—and it’s just the beginning of deeper integrations and capabilities that they’ll be bringing to businesses on doola and DAOs on Syndicate together.
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A DAO is a digitally-native mechanism for coordination. At a fundamental level, you can think of DAOs as internet-native constitutions. But unlike regular constitutions, DAOs run as code enabled by smart contracts, hard-coded rules that are then deployed on blockchain networks like Ethereum. These smart contracts allow a DAO to run “autonomously” without necessarily relying on individual human decision-makers in the organization. This decentralization easily allows online communities to form and coordinate economically. On July 1st, 2021, Wyoming became the first U.S. state to legally recognize DAOs and grant them the same rights as limited liability companies. Many DAOs are now forming in Wyoming and other U.S. states like Delaware.
“Within the next decade, investing will be decentralized, democratized, and community-driven. Syndicate is building web3-native infrastructure that will empower communities to raise, coordinate, and invest capital like never before. However, many investing DAOs need a way to easily create a legal entity, get a U.S. bank account, and manage ongoing state compliance and tax filings. We’re excited to partner with doola so DAOs on Syndicate can do what they love and are best at, investing, while doola handles the rest,” said Ian Lee, Co-Founder of Syndicate.
Arjun Mahadevan, CEO of doola, said, “Legal legislation enabling the creation of LLCs and C Corporations radically increased the scale at which humans were able to cooperate as well as the amount of capital that organizations could then raise and deploy. DAOs are a digital-first mechanism for coordination and the next step in this evolution. Together, we are bridging Web3 to Web2 by providing the ‘real-world’ tooling DAOs need, including limited liability protection, fiat banking, tax filings, and more.”
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