> For the complete documentation index, see [llms.txt](https://arkslabs.gitbook.io/arks/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://arkslabs.gitbook.io/arks/off-chain-structure-of-rwa.md).
# Off-Chain Structure Of RWA
Tokenizing real-world assets(RWA) requires a real-world legal structure. The setup for each pool is designed to mirror the protocol structure and the real-world relationships between the parties. The templates provided are based on legal structures used for asset-backed securitizations for many decades.
Each asset has a legal entity tied to it, a special purpose vehicle (SPV). The SPV holds the specific real-world asset, separating the asset from each other and ensuring the assets in the pool are bankruptcy remote from the portfolio manager. An Operating Agreement defines the operations of the SPV. To securitize assets, the legal ownership of the assets is transferred by the original asset holder to the SPV.
The parent company, ARKS Labs Foundation, manages ARKS Portfolio Management LLC via an operating agreement, and the latter issues RWA SFTs to both institutional investors and retail investors. ARKS Portfolio Management LLC manages ARKS Project Management LLC which is an umbrella entity that manages all the project specific SPVs (SPV A, SPV B, SPV C, ......). The specific SPV like SPV A holds the asset A. All of the rent and capital appreciation of asset A, B, C... will be transferred to RWA Revenue Rool on chain through our cooperative money service providers and then distributed to users.
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