Who's up for some legal recognition?
QuoteIt is one thing to talk about the "virtual corporation" and online commons as new organizational forms. It's quite another to have those forms be legally recognized. Yet in a little-noticed law enacted in June 2008, the State of Vermont has formally conferred "legal personhood" on online communities that wish to form limited-liability partnerships.
The law was tucked into a bill called "Miscellaneous Tax Documents," but the new virtual corporation law has enormous implications. It enables people to come together as virtual businesses, with dispersed partners who may live anywhere, and avoid the usual requirements that the company host in-person board meetings, maintain a physical office and file paper documents with the state.