It's about time someone with an actual legal background in Company Law and the Law of Contract set the record straight.
The whole premise behind a limited liability company is that shareholders can ONLY lose that which they put into the venture. If you put in $100 and the company goes completely bust (unlikely given the outstanding new devs and the 4 revenue streams they have so far) then you will only lose $100 - your liability is limited. Rule #1 in Company law is that the shareholders cannot be chased up or made IN ANY WAY responsible for the debts or liabilities of the company.
In this situation we are not even shareholders as there was no offer of securities to the public - we are handing over Karmacoin in return for a share of profits. It is a contract between you and Kosmost with full legal effect. The only person who could possibly be sued is Kosmost and ONLY by those who invested Karmacoin and ONLY if he failed to pay out the share of profits as agreed in the contract. I for one have 100% confidence in Kosmost, he is a smart man who has done a heck of a lot and invested much of his own money into this. It would be nuts to break the contract when by upholding his side of it the company can operate into the future making more and more money for all involved.
The reason we cannot be shareholders in the company 'legally' is because we would need to supply ID and sign documents etc. - No one wants nor needs to do that - that is why Kosmost has presented it as a simple unilateral contract.
The offer (to the whole world) is that "If you send Karmacoin to this address I (Kosmost) will guarantee you a share of the company's profits each quarter by the formula in the spreadsheet".
The contract is unilateral because the acceptance and performance are completed at the same time and ONLY KOSMOST has any obligation (Unilateral = One promise being exchanged). By sending Karmacoin to the specified address you are accepting the offer made by Kosmost AND performing (supplying consideration) what is required for the contract to be binding. The contract is legally formed and enforceable at law from that moment on. If Kosmost did not pay out in accordance with the formula he would open himself up PERSONALLY (as the named offeror) to proceedings for damages by those who were not paid.
Furthermore, only parties to a contract can make a claim on that contract (Contract Law Rule #1) and as the contract is unilateral (only one party has any obligation - i.e. You have no obligation to send Karmacoin to the address, but if you do then Kosmost is obligated to pay you a share of the profits in accordance with the formula as per the offer) the only person who can make a claim on that contract is YOU. Not some third party who doesn't like Karmashares, not some moron who thinks he can take back control of a public domain cryptocurrency he left for dead weeks ago, and certainly not anyone thinking they have some form of intellectual property rights in any material used - They do not - Once creative works have entered the public domain (includes the person who made them posting it on a forum) it is considered as being made open to the public and they can never be claimed to be 'copyright' or 'patented' again.
For example, the reason Coca Cola guards its trade secret of the ingredients in Coca Cola so carefully is because IF someone did manage to get their hands on it and upload to the internet it would be worthless and would enter the public domain - every one could LEGALLY make exact copies of Coca Cola and there would be no remedy available to Coca Cola to stop this from happening.
Another example, lets say I invent a new widget, I upload the specs and plans for that widget onto a forum and say "check it out guys! Look what I made!" - Someone then takes those plans and patents them. Bad luck pal! That is how the law works - you no longer have any claim to those ideas unless you can claim they were shown to you in circumstances importing an obligation of confidence - release on a public forum does not satisfy this and therefore more fool you for letting everyone have free access to your idea.
To sum up - Karmagood is woefully off in everyone of claims. He possesses no legal understanding of neither Contract or Company law and it shows.
Of note, he continues to refer to himself as 'We' - trying to make you think there is more than one person involved in the opposition to this idea. Please see what is being said by him for what it is - nonsense of the highest order.
I implore you to Google "Basic principles of the Law of Companies" and "Basic of Contract Law" and perhaps even "When is a promise enforceable?" and just put your mind at rest by verifying everything I have written above.
Pay no attention to Karmagood from this point forward, he has been cut out of the loop of a project he deserted through his inaction and unwillingness to be engaged with the community for weeks on end along with his general ineptitude. He has absolutely no power nor rights in relation to Karma. You DO NOT open yourself up to any liability by sending Karmacoin to the Karmashares Ltd. address - anyone who says otherwise is, pardon the expression, 'talking out of their ass'.
Have a great day all and lets get behind Karma as a community once more
