I have a jurisdiction question. Is ApeCoin DAO a registered entity? If the answer is “Yes”, then in which country the ApeCoin DAO is registered, and how does our DAO file and pay taxes or sign legally binding contracts. Per my understanding, the majority of existing DAOs are unregistered. I think this would be a bring a good discussion.
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Yes, it is a Cayman Islands Foundation.
The Foundation is a legal entity that files taxes, signs legally binding contracts, etc.
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I have flagged this for reading tonight, but can you tell me off the cuff if it is capable of owning assets? @Mantis and I were discussing this
It depends on what your definition of “the DAO” is. If you operate under the definition that it is token holders, then yes, the ApeCoin DAO has already created a gnosis multisig with DAO members as signers as a part of AIP-98:
Additionally, newly formed working groups are capable of choosing their own legal structure, in their own jurisdictions and receive grants from the Caymans Foundation, or even income from other sources. These entities would need to pay taxes in that jurisdiction of course.
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“ These entities would need to pay taxes in that jurisdiction of course.”
This tax issues fall into the gray area, you might want to ask direct question as follow: Since now we have 3 newly elected SC and I am assuming all 3 newly elected SC are U.S. residents including a BoreApeG who is a CPA by profession. How do they pay federal and State taxes?
IMO, the ApeCoin DAO or the ApeCoin Foundation has no concern about this tax matter since it is registered at Cayman Islands. So tax issues fall into the individuals, and it is up to them what they think about it.
Yes a Cayman Foundation can hold assets, including physical assets. However, for APE Foundation to do so aside from only holding ApeCoin currently is a different matter of discussion entirely.
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@Emoney2zips, the current idea being proliferated about holding different assets is that the DAO funds other entities that do this. This is the reason for DPH. It can receive its Endowment from the DAO and do what it wants with the $APE.
My ideal is that the $APE is only changed into other blue chips like ETH to put into conservative Uniswap/BendDAO yield farms.
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