In the United States, algorithms can legally have exclusive control on a US LLCs and a majority of legal entities in most countries.
Risks of Algorithmic Entities
Algorithmic Entities do not have human controllers and have comparative advantage over human controlled legal entities, thus, have advantage in operating in criminal and anti-social trading activities. Governments lack the ability to check who controls a legal entity, thus, they cannot determine if a legal entity is controlled by a non-human. As legal entities can migrate internationally, there is difficulty in regulating algorithmic legal entities, however, there are exit tax solutions that can be used to give a barrier to exit/entry to the legal entity migrating.
Algorithmic entities may eventually be granted legal status identities to conduct legal proceedings, analysis, and other legal services. These entities can possess private-law rights of a legal person(s) through an LLC. If the autonomous computer is the sole controller of an LLC, then it can be granted personhood, which also gives them rights of the algorithm. Personhood comes with other basic civil rights such as a right to speak freely, own property, to privacy, and so on.
Lynn M. LoPucki
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