The LAO: a for-profit, limited liability autonomous organization
The original decentralized autonomous organization (DAO) failed due to technical and legal problems. However, the concept is believed to have the potential to reduce transaction costs associated with organizing economic activity in a firm.
OpenLaw is launching a limited liability DAO, called the LAO, that will act as a registered investment organization governed in a decentralized manner. The LAO will build off many concepts from MolochDAO, including members "ragequitting," or exiting with their capital at any point in time. In order to comply with U.S. regulations, it will only be open to accredited investors.
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