1. Having human beings involved means it’s not autonomous. From a legal point of view, if there isn’t some other meat space contract saying it’s a corporation like the LAO, most DAO’s are actually by default partnerships. https://twitter.com/insidenima/status/1264652676106784768

2. The worst part of this is that any DAO with identifiable members (partners) has full liability.

As far as I understand you don’t even have to identify all the members. You just need one. I’m looking at you ENS name on twitter profile, DAO token holding #ethereum hipsters.

3. There are legal disputes like the one we see now. But there is also regulatory issues. I’m worried about the trend within #DeFi of “decentralizing” governance into a DAO to avoid regulation.
With my understanding FinCEN can just go after token holders of the DAO.

4. In my view and I am not a lawyer, the only way to avoid this is to remove control completely. If you can vote with your tokens, you have control and are a partner. You may still be a Beneficial Owner if you earn money through your DAO membership.

5. Experimenting with legal structures without understanding that they are legal structures can be a serious risk. I think there is enough similarities to both trust and corporation law that these can form a good basis for actually managing Smart Contract law intelligently.

6. A clarification to this part of this thread https://twitter.com/pelleb/status/1264812513318715392?s=21

It is the identifiable members that has FULL and unlimited liability for any action of the partnership, if no other contract or regulation specifically limits this per share for example. https://twitter.com/pelleb/status/1264812513318715392

7. A few articles I wrote about DAOs back around the time of The DAO.

Pre ICO:
https://medium.com/decentralize-today/the-dao-a-rebel-without-a-cause-9d63620ca49f

Pre Hack:
https://blog.stakeventures.com/articles/decision-making-in-daos-voting-or-buying

Post Hack:
https://medium.com/decentralize-today/my-humble-suggestion-for-dao-2-0-crowd-venture-fund-408fa4e48ba1