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    Joint Venture in Masternodes

    Hello Murder of Crows. Let me start by saying that I’m in fight club 😉 and I’m not sure if I’m allowed to talk about that here but you all know what that means. Sorry to double post this as well because I’ve asked a question regarding this on Crows patreon but I thought I’d be able to add more detail here, and both share my experience and vent my frustration in trying to get this “project” started, yes it does relate to Masternodes, let me explain...

    Basically I came up with the project idea to pool money amoungst a group of friends with the purpose of purchasing a diversified set of Masternodes! I had to research hard,
    Write a paper and explain to them the premise but have since gone on to be successful in getting 12 of us together for a total fund size of £70,000 (I’m based in the UK) which is no small feat for your average Jo to gain enough confidence from some friends to part with that much cash...

    The problem I’m running into is that in order to act on behalf of everyone to buy the crypto and set up the nodes we need to formulate an agreement. While this sounds simple, I wanted to protect myself so went for legal advice. In the UK the lawyers are trying to sell me on a limited company and a shareholders agreement which is hugely expensive and has tax implications, but I don’t think we need all of that!?

    All I feel I actually need is to set up an agreement that sets out to share the high risk that we are all aware of and allows me to purchase on behalf of the others, but in doing so Under law I’m told I become a trustee or a fund manager and I could be breaking all sorts of guidelines or even laws. I need someone to help me understand if I can legally structure this as a joint venture without breaking any laws or as an unregulated fund in the UK without meeting the sophisticated criteria. It’s all completely overly complex and frustrating and it’s making starting what I want to do so very hard and tiring!

    I don’t think a venture like this should be so difficult and if anyone in the community can help me get this started without filling some layers back pockets then please do so!

    Also, Crow, I’m reaching out to you personally. If you read this please help! Me and my friends want to buy masternodes together, can you help connect me with someone like your bitcoin lawyer who has an understanding of UK law that could help get this off the ground. This is a small scale deal compared to anything you may be doing but this is the niche my group would like to have a go at. Masternodes are fascinating and we have spent the time researching which ones are worth while, only to find out our time is wasted because of some cost and legal barrier to entry which is some solid BS*

    I already found a way to overcome the barrier to entry financially by pooling money with friends, surely there can’t be a legal barrier as well because if we can’t buy them together and some huge whale can that’s a violation of my basic human rights and it’s frustrating me!

    Ultimately anyone even looking to just buy crypto as part of any group / venture / fund could benefit greately from an accurate response in this thread. So let’s help educate each other. I can teach you guys numbers, maths or TA all day, but law just isn’t my thing!

    PLEASE HELP BOTH ME AND THIS COMUNITY GROW TO UNDERSTAND THE LAWS OF THIS SPACE BETTER!

  2. #2
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    I came up with the same idea, and launched the first MN with just 4 investors/club members. I took the route that it was like a stock buying club. I dont know if its going to be an issue or not, but like yourself, its among friends and i dont forsee any issues with them. My biggest concern is tax liability at the end of the year when its all dumping into my wallet and im sending it out to theirs. Will i get stuck holding the tax bill? lol.
    Good luck with your venture and if you find out anything, please update your thread....
    Digitalsniper

  3. #3
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    A joint venture is a legal arrangement in which two or more organizations agree to pool their resources for the purpose of completing a particular task. This project can be a new project or any other business activity. In a joint venture, each of the firm is responsible for profits, losses and costs associated with it. However, the venture is its own entity, separate from the participants' other business interests.There are many joint venture companies in India.

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