I need someone who has already walked the talk, to talk me through setting up a CryptoCoin using a Waves token as a basis.
The idea is to use buy unused shops and lease them out rent free in return for a percentage share in the net profits. These profits would be divided between all coin holders on a pro-rata basis, as it is received.
I have written quite extensively at thepeoplecoin.com about what I think it could do for the community and
a) Would love some new thinking to become involved,
b) The legal structures, required as Project Coin holders would not own the properties and only shares in the profits.
c) Ideas on how the payments could/should be made.
d) What I need to do, to make this happen and get the initial funding in order to buy the first building (Project No1 - I will personally operate this purchase.)
Please comment on any of the above if you have any thoughts.
The additional £30,000 is for other expenses - legal, tax, stock at valuation, etc.
Regarding the how would anybody know the profits. I’m thinking that if the business was setup as a UK limited company, then under UK law that profits must be available as a matter of public record.
Well first you have to make a coin.
To make the coin you first have to think how many you need to sale to secure the amount you need.
something like 1 to .10cents each. ¨
Make them not reissueble, thats very important.
Also how many should I hold in order to actually have a good return?
I looked up the INN and its more like an INN then a Market place, are you trying to make it like a flee market? or Farm to Market?
that looks quite complicated, you would need quite a complex business administration structure for that, but it might also work the easy way. if the people you work with are honest and trustworthy
This could get tricky. In general you can say If investors purchase a token with the expectation to get a profit from the entity, which depends on the effort and actions of others, it’s a security.
imo, by sharing profits, your token qualifies as a security even though the property will legally not be owned by token holders.
(not a lawyer though and I recommend to check with a professional)
The West Country Inn is an Inn and will be run as an Inn by myself to ensure that this first project works as expected in relation to the division of profits to ThePeopleCoin holders. The West Country Inn is not important in as much as any bricks and mortar building with a viable business plan would work.
The overall vision is to level the playground for people who dream of working within their own offline business without punitive banking finance. As ThePeopleCoin generates funding, more properties would be purchased for other people to use.
I know. Difficult isn’t it without very expensive legal council, which I haven’t got and can’t afford to pay even if I did, hence the reason for this particular question.
jes historically things like religions (you get to hell if you lie)(religousness) or fear of states legislation from individuals where security measures for honesty and trustworthyness
were measurements of an individuals trustworthy, it still cant do wonders if it hasnt enough ressources or higher forces are destroying its success
Added a whole new income stream to ThePeopleCoin profitability potential. Intial discussions and agreements with the manufacturer are completed and would anticipate that the profit generation would go live during January 2019.
Many of the legal challenges we were facing regarding the launch of the People Coin have now been resolved. See Latest News dated FRIDAY OCTOBER 19, 2018 at http://thepeoplecoin.com/latestnews/ for more details.