RE: SPS Governance Proposal - Establish a Legal Fund
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I think we are spending too much of the DAO's money but I will support the proposal. Legal troubles are no joke. We don't want a repeat of the Floyd Mayweather incident or something worse could happen.
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Yea I get it. We also don't currently have a legal entity to represent us though and that comes with its own complications. I guess we'll see how the DAO votes on this.
That i think is what happens after you hire the attorney to set it up.
Right, we essentially have to hire an attorney to help establish the legal entity and ensure it's done properly and fully compliant with jurisdictional laws.
Perhaps it might be worth considering a yearly budget limit for legal representation instead of a multi-year one. This way, we can reassess spending and make any necessary adjustments after a year. If you're saying this budget is for a few years with wiggle room then we can bring the amount down a bit, use the extra funds for other avenues or save, and have legal representation for a year.
Just to be clear, the few years thing is in reference to the overhead it takes to keep the foundation in good standing. Like doing all of it's yearly filings and such. $25,000 isn't going to buy much of any actual legal representation. This is why having qualified legal opinions about creating the foundation is critical to avoid needing legal representation in the future. Having a lawyer on retainer is more or less to have someone to ask for opinions and guidance that will help write or validate the bylaws of the foundation to ensure its set up properly.