I am betting that someday “super trusts” will emerge in the quest to build a new kind of digital company, “lo and behold,” we find ourselves on the fringes of legal theory. I first certified Adbongo as a B corporation in 2011 because there was no legal option for a public benefit corporation or social enterprise in Texas. John D. Rockefeller had the same problem when building his empire in the 1800s. The laws of his day just could not accommodate what he was trying to do with his business. It is always great to find you riding on the shirttails of giants.
I found this white paper about Rockefeller’s “trust” solution:
“Unfortunately, the general corporation laws
of the time restricted companies in ways unsuitable to large business
combinations. 13 Thus, although the technology existed to fulfill Rock-
efeller’s vision of integration in the oil refinery industry, to truly reap
the potential benefits, Rockefeller needed to overcome the limitations
of the corporate form of his time. In 1882, Rockefeller fully unveiled
his solution: the Standard Oil Trust. 14 Rockefeller organized the Stan-
dard Oil Trust as a business trust.15 In a business trust, one or more
trustees hold property on behalf of and manage the property to benefit the beneficiaries. 16 Doing so allowed the Standard Oil Trust
to act as one large company, coordinating activity in the oil refining
industry across a large geographic area, something the corporation
laws of the time did not allow.”
If Rockefeller Were a Coder
57 Pages Posted: 5 Dec 2017 Last revised: 11 Aug 2019 Date Written: December 5, 2017 The Ethereum Decentralized…deliverypdf.ssrn.com
George Washington Law Review
I then stumbled upon this gem, which lists the different kinds of distributed organizations being pondered in the crypto space. For our purposes (Adbongo), I gravitate towards the
”custom contract nexus”:
LeXpunK Legal Defense Protocol.pdf
Lexpunk has three options that could be wrapped here:
(1) LLC: Limited Liability
(2) UNA: Tax benefits as a Non-Profit 🚩
“Care should be taken when distributing assets to UNA members as this may prevent it from retaining its limited liability as a non-profit venture. Note, however, UNAs may engage in activities that produce profit so long as they are in furtherance of the non-profit purpose.”
(3) Charter: Govern Yourself
Another concept to be aware of is that of the plutocracy. Maker dao has claimed itself to be a “plutocracy”…
ENJOY
Disclaimers
This is not financial or legal advice