

"Online Collaboration Goes Legit" - Vermont's new virtual corporations - gojomo
http://www.onthecommons.org/content.php?id=2336

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felixmar
> But it hasn’t yet made it easy for a group of individuals, located around
> the globe, to create a persistent legal entity that has the ability to own
> property, open a bank account and enter into contracts with third parties

Does this mean that a group of individuals who are not US citizens can form a
virtual company under Vermont law?

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kirubakaran
You don't have to be a citizen to start a regular Delaware company either. You
don't even have to live in USA. When I first heard this, I was so impressed
and realized how most of the world is Doing It Wrong.

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lionheart
How is this different from forming an LLC? They have almost no administrative
requirements.

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olefoo
Actually the Vermont law amends the definitions associate with the formation
of legal entities so that Vermont law does not require the filing of paper
documents; nor require any member of the company to live in VT.

You can see more detail at <http://vermontvirtual.org/Vermont_legislation_--
_as_passed>

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davidw
Interesting... this seems kind of weird:

> If you use a template Operating Agreement that we provide {link to come},
> you can establish a company that is based solely (or primarily) on the
> pooling of time, attention and effort (as opposed to investment of capital
> in exchange for shares).

I wonder what the practical issues are regarding these, like can you get a
bank account 'entirely online'? You pretty much need that part too, to have a
real company.

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rp
Re: "entirely online" bank accounts, E*Trade is a company providing such
services.

