> For the complete documentation index, see [llms.txt](https://docs.syndromics.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.syndromics.xyz/compliance/corporate-structure.md).

# Corporate structure

## Two entities, one protocol

| Entity                                  | Role                                                                                                                                                 |
| --------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Syndromics Foundation**               | Holds protocol governance and the immutable contracts. Controls the timelocked parameter multisig until the governance module takes over.            |
| **Syndromics Labs** (operating company) | Builds and runs the platform, the reference relayer, the indexer and the keeper software. Employs the team. Holds the licence where one is required. |

## Why they are separate

* The contracts are immutable and non-custodial. Placing them under a foundation keeps protocol governance separate from the commercial incentives of the company that builds around it.
* The operating company is the entity that faces users through a front-end and is licensed where required. Keeping it distinct limits the regulatory surface of the protocol itself.
* If the operating company ceased, the protocol would continue: anyone can run a relayer, an indexer and a front-end from the open-source code.

## Governance path

1. **Today:** parameter changes go through a timelocked multisig held by the foundation, with every proposal published with a rationale.
2. **Next:** a governance module takes over parameter control. It preserves the properties that matter: the timelock, the public rationale, no fund access, and no ability to pause repayment.

There is no protocol token. See [Parameter governance](/transparency/governance.md).


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