Dissolution#

Cost of Closing/Dissolving a DAO LLC

• Any regular corporate matters, such as a name change or dissolution of the DAO LLC, are included in our annual fees; there is no additional cost.

Dissolution Process#

1. Please complete the Dissolution Form (opens in new tab) to start the dissolution process following Part IV, Section 10 of the Decentralized Autonomous Organization Regulations 2024. (opens in new tab)
2. Please provide evidence that the dissolution process or event contained in the DAO LLC's Operating Agreement or Certification of Formation, as appropriate, has been followed or that a ⅔ majority has approved dissolving the DAO LLC.
   1. These are required under Section 225 of the Non-profit Entities Act 2020, titled “Voluntary Dissolution,” and Section 46 of the Limited Liability Company Act 1990, titled “Dissolution.”
3. The appropriate processes in the Non-Profit and For-Profit laws must be followed if assets are held.
   1. Non-Profit DAO LLCs - Refer to Section 228 of the Non-profit Entities Act 2020 as a guideline for distributing assets. There is a 3-year period following dissolution to do so.
   2. For-Profit DAO LLCs - Refer to Section 49 of the Liability Company Act 1990 as a guideline for distributing assets.
4. MIDAO will submit the Dissolution Form and dissolution documents to the Registrar of Corporations.
   1. Dissolution documents will be submitted in person to the Registrar of Corporations, who will verify and determine your dissolution as a final step.

Additional Resources: Dissolution Process#