Permanent Registar Proposals - Overflow Funds, Fees & Rent, 3-6 Character Auction Start

open
#62

The names will be transferable; they’ll just have to wait a while to do so.

0 Likes

#63

I don’t doubt what the attorney has advised. IANAL but I also talked (separately) to both an attorney and an accountant, both in the U.S. They both concluded that multisigs are treated like unincorporated partnerships. This was the email one sent to me about it:

With the multisig all of the donations will be treated as income (unless you are a registered charity) and then all of the expenses would reduce the income. Additionally there may be a gain or loss on the ETH when it is spent on expenses because the value may have gone up or down from when you received it.

Since there was no formal partnership put in place you will just divide out your portion of the multisig’s transactions evenly (or according to a percentage agreed upon by the members in the group).

Regarding that last point, they later clarified that the remaining funds after expenses are deducted will be taxed as income according to the share and jurisdiction of each “partner” in the multisig. So if each partner has 20% ownership of a multisig, then 20% of funds left over after expenses is taxed as income according to that partner’s tax jurisdiction.

I trust the EF’s lawyers on this but thought I would share some advice I received recently on the subject, again from a U.S. perspective.

What about 5 character names? :thinking:

BTW sorry if I missed this, what will be the process for registering names (of any length) with the permanent registrar after this initial auction? Also auction still or first-come-first-served? And what will happen with currently-registered 7+ character names, will they expire and need to be re-registered or…?

EDIT: Ok just read the whole thread and see:

Perhaps the OP can be updated with the latest info so it’s easy to find?

1 Like

#64

Names can be registered by the first to ask for them, for a fixed yearly fee. Currently registered domains can be migrated any time in the first year after deployment.

0 Likes

#65

Updated, thanks for the suggestion.

0 Likes