[will_brown]

I would define DAO as blockchain based investment club software[1]. The problem is, whether you called DAO a corporation or not, DAO raised $100+M on the basis of being an autonomous corporation, something that can not exist under the law any more than a corporation owned by cats. If the investors are not educated enough to know they invested in a legal fiction, its safe to say they bought it hook link and sink that DAO offers more transparency, shareholder control or flexibility than existing corporate structures...and even if they could exist, there is nothing to suggest any of that is true.

If people want to pool their money in a corporate structure (LLC or partnership) and vote on various investment opportunities, that's great, but its nothing new or paradigm shifting. Corporations without shareholders/owners? Nothing new, but that does not make them autonomous.

[1] https://en.wikipedia.org/wiki/Investment_club_software