Solutions to DAO challenges

As DAI starts flowing from the protocol to core units working for the community, your team might face challenges establishing a legal framework allowing you to interact with 3rd parties and to pay suppliers.

AccountAble serves and has served the Maker Foundation and other businesses with a proven track record of handling business in the crypto space. We serve as your bridge from the decentralized world to the centralized world of taxes, FIAT, benefits, paperwork etc.

We, through our network of suppliers, will take care of employment contracts, benefits, withholding taxes, pensions etc. for any employee you want to hire, in (almost) any country in the World!

Should you want to enter into an agreement with a third-party supplier/contractor we can use our corporation as a legal counterpoint for agreements made, and make sure to pay the supplier in any currency.

Payments in FIAT, and even in crypto, can run through our setup. We function as a one stop shop accepting DAI to take care of your expenses.

Here is how it works:

  1. You have DAI sent to us to cover your expenses
  2. We turn the DAI in to FIAT
  3. We pay suppliers, employees etc.
  4. At the end of every month, we send you a summary of the expenses that ran through our set-up

We charge a mark-up on payments to cover overhead costs and profits. Additional deposits might be required to indemnify us in case of contractual liabilities.

Using our setup, rather than incorporating yourself, you will not have to

  • Establish a corporation
  • File annual reports with authorities
  • Open a corporate bank account
  • Deal with audits and accounting
  • Get mandatory corporate insurances
  • Write articles of incorporation
  • Pay corporate taxes
  • Become taxable on all DAI the minute you receive it
  • Risk having your corporation dissolved

If you choose to work with us, you can continue to truly be a decentralized core unit doing what you do best while we take care of handling your expenses. We have a huge talent pool of finance professionals ready to take on challenges so we can accomodate your needs no matter the size of your team or your future plans.

We are more than happy to do a personal meeting with you to discuss your needs, please reach out to us by e-mail ([email protected]), Rocket Chat (dennis.makerdao) or Telegram (@AccountAbleCEO)

8 Likes

It looks like a win-win from reading your post–good stuff–compensation in Fiat instead of DAI will help folks with incurring a taxable event. Hypothetically, if a community member wanted to get paid 50% in Eth, DAI, or even BTC, is that something you can accommodate? If so, what forms/documents are presented/available to participants at the end of the year for reporting purposes? As an example–in the U.S. it could be a 1099-A, 1099-B, 8949, W2, etc.

Thanks in advance!

1 Like

Maybe they can create a Core Unit like Bridge Core Unit (or something like that), as far as i know a company can also create a Core Unit, so there is no problem with this right?

I encourage you guys to participate in a call (maybe Comm Call?) and create a Core Unit MIP :smiley:

2 Likes

Thanks for your feedback :slight_smile:

Yes, we can accommodate that, and have actually done so in the past.

Technically we would just run a regular payroll, but pay out the net pay in crypto. The payroll would be reported as any other payroll for tax purposes, and taxes would be settled in FIAT.

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Thanks for the feedback, that could be a way to go as well :slight_smile:

1 Like