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
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.
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.