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Wyoming is the first state to recognize Decentralized Autonomous Organizations

August 18, 2021 (1 min read)

Wyoming lawmakers approved a DAO Supplement to the state’s LLC Act during the 2021 session authorizing and providing a business structure to decentralized autonomous organizations (DAOs), the first such law in the nation. The new law, effective as of July 1 of this year, recognizes DAOs as a distinct form of limited liability company.

Aimed at cryptocurrency collectives, DAOs are governed by smart contracts rather than the traditional hierarchy of an LLC. Wyoming’s new law authorizing the entity addresses uncertainties regarding liability and taxation for DAO members and tokenholders.

The new legislation, and other significant legislative changes made during Wyoming’s latest legislative session, are captured in the 2021 edition of CSC®Publishing’s Wyoming Laws Governing Business Entities Annotated.

This latest edition features the full text of Title 17 – Corporations, Partnerships and Associations, and other sections related to business entity law, updated through the 2021 Wyoming legislative session, including the DAO Supplement, newly enacted Digital Identity Act and revised requirements for reinstatement of a foreign corporation. The book’s Legislative Summary explains these and many other changes.

The 2021 edition is fully annotated with the latest case notes from state and federal courts interpreting the law, and includes the full text of four recent cases exploring the latest legal developments concerning partnership property, invasion of privacy, bankruptcy of an LLC, and representation of a corporation.

Readers will find an easy-to-reference Fee Schedule showing the Secretary of State’s required filing fees for various business services, as well as access to more than 60 Wyoming forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types via the Lexis Store download center. A listing of forms and contact information for Wyoming is included in an appendix.

The book’s expansive index, sequential pagination, and page tabs make finding the information quicker and easier, while larger pages and a clean typeface enhance readability.

As with CSC’s other annotated statutory collections, Wyoming Laws Governing Business Entities is also available as an e-book and is part of the LexisNexis Digital Library.