I'm a licensed professional, but not for accounting or legal. But I have some experience with regulatory approval and licensing for new design and corporate policy and procedure systems.
What is the status of this with respect to review and approval by a licensed and qualified professional? I saw some comments about asking coworkers / licensed professionals for casual reviews, but have you had ongoing review / discussions / etc? Is there a qualified professional on staff at I3?
I think the SCSL may provide some future legal / regulatory difficulties for the general DAC-Bitshares business model.
In the future, the SCSL will function as the basis for any business model, business plan, mission statement, articles of incorporation, bylaws, etc for any legal entity developing, operating, or offering a DAC for sale. It will govern the virtual currency aspect of their business. It will be up to that legal entity to "design" a commercial organization around the SCSL.
That organization will be responsible for classifying and accounting for all virtual currency transfers. It is easiest to treat virtual currency transfers as "non-profit" or "non-taxable" for accounting purposes, until they are exchanged for fiat or physical goods. If so, you are sort of "trading cooperative community stock based on future fiat value" instead of anything that needs tax accounting at the present time (e.g., income tax for services, sales / use tax for purchases). If so, you can pay your distributed employees in stock options (virtual currency), and they are responsible for government and tax regulations (and, therefore, accounting) when they are used for taxable transactions. If you can start from a "not for profit" classification for virtual currency transfers, and wait to classify / account / record transactions until they "enter the fiat world", then things are much simpler.
I do not think this is possible with the SCSL. The SCSL would form a legal basis for the use of the DAC / PTS / AGS currency in any business plan by any legal entity. The SCSL is a for-profit license. Any virtual currency transfers performed by a DAC entity based on the SCSL would start from the assumption that they are for-profit transactions. The DAC entity may have to account, value, justify, and possibly pay taxes on any virtual currency transfer - at non-fiat exchanges, at merchants, including between individual members or even moving to a new wallet.
The SCSL results in a starting assumption of "for-profit" for any transfer of PTS, AGS, or future DAC shares.
Does this significantly affect requirements and burdens for record-keeping, accounting, and potential audits?
Has any proposed DAC registered as a legal entity yet, or developed a full business model for review? Have you gotten any feedback or concerns regarding this?