A DAO is a number of people coming together to complete a mission together in an organised manner by using a set of smart contracts that provide governance functionality (voting, multi-signature execution, interface). The smart contracts themselves do not constitute a DAO yet. It is rather the collective actions of the participants through the smart contracts that inhale life into the DAO. There isn’t a specific number of participants defined that constitute the decentralisation of a DAO, but it should be many. Also there shouldn’t be any single party controlling the DAO. Otherwise, it isn’t autonomous. DAOs are essentially a cooperative of people sharing a pool of assets. A DAO isn’t a recognised legal entity type in any jurisdiction yet. Its implementation results in legal uncertainty, as it is subject to different interpretations by judges, courts, and regulators.