# Criteria for being a DAO

### **Criteria for Creating a Club on Syndicate:**

* **Member size:** no more than 99 members
* **Member participation:** All members must be actively involved on all investment decisions through a vote
* **Fees:** No performance fees (aka carry)
* **Accreditation:** If your club invests in startup equity off-chain, all members must be accredited. If your club only invests in tokens or NFTs on-chain, members do not need to be accredited
* **Solicitation:** No public solicitation of funds and no public offering of the club's securities