Many say that 2023 will be the “Year of the DAO” because of the explosion in the number of decentralized autonomous organizations and significant advancements in software that make it easier for anyone to start a DAO. So 2023 will likely be the year of the DAO, but will 2023 also be the year that DAOs start following the law?
The problem is, if a group of people engages in a common enterprise without a legal entity, whether they call themselves a DAO, a company, a commune or anything else, the law treats them as a general partnership.The first problem is that in a general partnership, the individuals involved are each liable for the organization's actions and the actions of other individuals involved.
, they will find that they are not following the law that they would need to follow to avoid the associated personal liability.In early 2021, there were no good options available for DAOs to incorporate. Individual states or countries only offered legal entities that would require DAOs to make too many compromises.
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