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[nc-budget] DOCUMENTS FROM OUTSIDE COUNSEL ON LEGAL STRUCTURE FOR DNSO FUNDS


Per our conversation at the last Names Council Budget Committee teleconference, I am attaching a copy of a proposal for the creation of a limited liability corporation under US/Delaware laws that has been developed for our use in this Committee by our outside counsel, Wilmer, Cutler.  Wilmer advises that it would be prudent for us to use such a corporation as the legal owner of any funds (either voluntary or regular DNSO budget) that we manage for the DNSO.
 
Since this represents a significant alternative to the proposal presented to us by ICANN management and a significant change (i.e. more expense) from my earlier proposal that we rely on an unincorporated association to administer these funds, I have asked the Wilmer partner who has helped us on this matter, Becky Burr, to join us for the first part of the Budget Committee teleconference later today.  I have asked to to join us so that we can question her about how much it would cost to establish and operate such a corporation, what legal benefits it has compared with the earlier model of an unincorporated entity, and how it would legally compare with the alternative structures.  

LLC Agreement v03.doc



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