What is Ricardian LLC? ❓
Ricardian is an NFT minter smart contract with embedded Delaware Series LLC Agreement functions and IPFS-hosted docs, governed by LexDAO as a public good on Ethereum. The name and concept of Ricardian LLC is inspired by "ricardian contracts", i.e., agreements that are recorded with legal and code-based efficacy.
Ricardian LLC is a "Master" among a protected "Series LLC" network that is designed to grant compliant ethereum accounts with Delaware limited liability protections, while also avoiding the need for duplicative LLC filings. In other words: 1-click LLCs. See below section, "Is Ricardian 'Legal' for more info. See also this article explaining the emergent use of Series LLC automation with smart contracts, "Series LLCs and Blockchain: Circling the Wagons."
A similar concept of open, Series LLC smart contract formation is being explored by the Otoco suite. With respect to differences: Ricardian LLC is agnostic to how users might deploy related smart contracts, aiming to be cheaper to form a Series LLC through NFT minting. For example, an Aragon or Moloch DAO membership might place this NFT into their vault or voting smart contract to signify operating as a Ricardian LLC Series.
The Ricardian LLC Operating Agreement template is further governed by LexDAO representatives via the Ricardian LLC NFT governance role (see below, How does Ricardian NFT contract work?) to maintain operating terms, best practices, and overall compliance within Delaware law. Short of bringing the Delaware Secretary of State to the Ethereum blockchain, hosting an on-chain operating agreement with DAO governance seemed like next best thing.
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