Legal Entity Accounts

Legal entity accounts are issued to corporations, partnerships, and other forms of organizations that are not 'citizens'.

The key differences between a legal entity account and a citizen account are the lack of veto power and the lack of a right to pay to privacy accounts. Legal Entities can receive payments from privacy accounts, but where there money goes from there must be part of the public ledger.

Taxation of Legal Entity accounts is the same as citizen accounts. Legal Entity accounts can have additional taxes, but cannot have less.

Legal Entity Accounts may also issue shares of ownership that can be traded. If the legal entity elects to be a limited liability entity then these shares will be subject to the Liability Rate and this amount of ownership will demurrage to the commons, in proportion to the amount owned, from all shareholders. The demurraged stock will be put up for auction. The original owners may match the high bids to retain ownership. The cash collected from the sale will fund the issuing entity. If there are no bids, the state will retain ownership and must put the stock up for rebid at regular intervals(ie. 6 months).