FluidTokens legal entity
Problem
FluidTokens aims to become a legally registered DAO for the users benefit, establishing itself as a legal entity in Switzerland. The fixed cost is 30.000$ plus additional annual costs
Solution
Creating the no profit DAO entity in Switzerland will allow Fluidtokens users to be represented both onchain and in real life, with legal guarantees of their governance and representative power
Total to date
This is the total amount allocated to FluidTokens legal entity.
[IMPACT] Please describe your proposed solution.
In order to become a DAO with legal entity the following steps will be needed:
- Formation of an Association €5000
- Domiciliation and directorship €10000
- Communication with Authorities and 3rd parties €5000
phase 2:
- Registering Association in Commercial Register €1000
- Bank Account Opening €1000
- Accountant (annua) €6000
[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.
Besides having a legal entity for the platform community , we will define a formal way for Cardano DAOs that want to become legally compliant., leading the way for similar compliant projects.
[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
The main risk is not to consider other costs like annual expenses and possible unexpected costs. To mitigate the risk, the funding request contains additional $10000 that will guarantee a safe constitution of the DAO.
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
We plan to use the funds from this proposal to pay the burocracy costs
Our tasks are:
- Creating a legal entity as described above
- Create a governance access for our community
- Create a guide for future projects that want to proceed this path
[FEASIBILITY] Please provide a detailed budget breakdown.
The costs that have been provided are based on different estimations from different providers in Switzerland
[FEASIBILITY] Please provide details of the people who will work on the project.
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
Even if the platform is already scaling and it is strongly appreciated by the Cardano community, the costs of a proper DAO constitution are high for a recently created platform. In a few months from now, we expect a lot more revenues that will be almost fully allocated to improve the platform and the DAO.
[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?
No[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?
No[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
Success is defined as being a point of reference for DApps in Cardano and DAOs that want to become legal compliant
[AUDITABILITY] What does success for this project look like?
Being a point of reference for DApps in Cardano and DAOs that want to become legal compliant
[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
This is not a continuation of an old project.
Team
Currently on board of GeniusX accelerator that is providing mentorship and assistance to evaluate all the possible paths to make the whole platform legally compliant
