[PROPOSAL] DAO Legal Entity

[c2yptic]

Summary

I’ve been in touch with MIDAO (https://www.midao.org/) who is an organization that helps DAOs set up the necessary legal entities in the Marshall Islands. They’ve provided me with the relevant information that makes the case look solid and secure for the DAO and future DAO operations. Looking at their pricing, the “Diamond package” is the most suitable for the SaberDAO (https://www.midao.org/pricing)

The costs are;
Setup cost: 9,500 (including the first year of running costs)
Buffer: 500

Total 10,000 USD

This would see to the DAO having the entity up and running sometime in February, and we’ll be able to cover the running costs until January 2025.

Motivation

The DAO needs a legal entity for many reasons not needed to state. After exploring multiple options, I have concluded that the best path forward for this is to create a legal entity on the Marshall Islands.

Expectations

• SaberDAO will operate under a legal DAO entity
• SaberDAO will (hopefully) inspire other DAOs to take this route
• SaberDAO will be able to operate more smoothly, within an improved legal framework

Actions

Allocate 10,000 USD from the DAO treasury to set up a legal entity for the DAO, which gives the DAO a legal entity until January 2025 (before Jan 2025, we will have to vote to allocate additional funds from the treasury to continue with the legal entity to pay for the next period of 2025)

[c2yptic]

Proposal passed: https://tribeca.so/gov/sbr/proposals/54

Funds will be sent to: H6SjJMKV2wL19AUYT5SYUq8UGvQ5mnmz7tkjgF2MuXRo