OtoCo Documentation
  • Hello to Automated Company Assembly on Blockchain
  • Updates
    • Oct 2022
    • Sep 2022
    • Aug 2022
    • Jun 2022
  • A. OtoCo: Instant Real-World Entities on Ethereum
    • Part I. How OtoCo Came About
      • 1. The legacy process
      • 2. How we condensed speed of formation to seconds instead of days
        • a. Introducing the Series LLC
        • b. How we removed the naming speedbump
        • c. Why blockchains?
  • Part II. The OtoCo Ethereum smart contracts
  • Part III. The Legal Nexus
    • 1. Delaware
      • Delaware: Certificate of Formation
      • Delaware: OtoCo DE Master LLC Operating Agreement
      • Delaware: OtoCo DE Series LLC Agreement
    • 2. Wyoming
      • Wyoming: Certificate of Formation
      • Wyoming: OtoCo WY Master Operating Agreement
      • Wyoming Series LLC Operating Agreement
  • B. Where We Go From Here: Introducing the OtoCo token
    • Part I. Our Vision for OtoCo: From Product to Platform
      • 1. The Anachronism of Analog Company Formation
        • A Wordpress for companies?
        • Why is nobody doing this?
        • Enter blockchains
      • 2. From Product to Platform: An Onchain Venture Building Marketplace
  • Part II. The OtoCo Token: A Loyalty Scheme, Developer Reward and Voting Card - All in One
    • 1. A tokenized points-system
    • 2. “Proof of sale” rewards
    • 3. A voting card
    • OTOCO Issuance
  • Part III. A New Smart Contract Solution to Building a Pre-Order Book and Automating Token Issuance
    • 1. The idea behind our design
    • 2. Our proposed staking smart contract
    • 3. The OtoCo token sale process
    • 4. Funding update
  • Part IV. Proposed OtoCo Governance and Exit to the Community
  • C. User Guides and FAQs
    • Taxes and reporting
    • Independently verify a blockchain-signed document
    • Create a funding launchpool using OtoGO
    • Prove ownership of your on-chain LLC
    • Multisig LLCs for DAOs
      • Setting up a Gnosis Safe and an OtoCo LLC
    • FAQs
      • About the Series LLC
      • The role of the Master LLC
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  1. A. OtoCo: Instant Real-World Entities on Ethereum
  2. Part I. How OtoCo Came About

2. How we condensed speed of formation to seconds instead of days

Mickey Mouse Members

In most jurisdictions, upfront Know-Your-Customer and Anti-Money Laundering checks are performed before a new company can be filed, either at the official Registry level or by licensed formation agents, making the whole process a stop-start event which is difficult to automate and optimize for speed.

By contrast, it is effectively possible - be it not very useful - to form a new company in the United States with Mickey Mouse as its first Member, since identity checks are effectively pushed out and performed only when the need arises, e.g. when the LLC applies for a bank account.

As with real birth, the company's birth certificate gets issued first, the passport follows later - and only if there's a need to travel!

This lack of attestation of a Member's identity at the moment of birth of an US LLC helps enormously in condensing the due process of formation.

However for every new LLC filed, there's still a wait of 12 to 48 hours until Registry stamps a new entity's "birth certificate".

How to get to remove this blocker?

Previous1. The legacy processNexta. Introducing the Series LLC

Last updated 3 years ago

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