A New Type of LLC is Born… In Wyoming

In 2021 Wyoming became the first state to recognize a new form of an LLC called a DAO LLC, which stands for “decentralized autonomous organization” LLC.

The implications of this one state law are far-reaching for attorneys and entrepreneurs everywhere, as WY pushes into new territory.

This new entity-type builds a framework and paves the way for an LLC that is managed by algorithms and not people.

Attached is a copy of the WY legislation for those who engage in Smart Contracts (which are based on blockchain technology) or are just curious about how this may impact business ownership, liability, and blockchain usage.

 

Leave a comment