LETS Groups around the world - LETS-Linkup International LETS Directory. LETSystems - the Home Page. Local Exchange Trading Systems. A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated to LETS or LETSystem) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and record transactions of members exchanging goods and services by using the currency of locally created LETS Credits.[1] History[edit] Michael Linton originated the term "local exchange trading system" in 1983 and for a time ran the Comox Valley LETSystems in Courtenay, British Columbia.[2] The system he designed was intended as an adjunct to the national currency, rather than a replacement for it,[3] although there are examples of individuals who have managed to replace their use of national currency through inventive usage of LETS.
[citation needed] A number of people have problems adjusting to the different ways of operating using a LETSystem. LETS Link UK: Legal Issues. 1.
LEGAL STRUCTURES for LETS The LETS Info-pack provides a model Members Agreement and Constitution similar to that of a community association, which uses a democratic process to appoint officers who manage the scheme on an honorary basis. They may in turn employ individual members using LETS currency to carry out specific tasks, and sub-committees as required. Such community-based mutuals are usually called LETSchemes. However, some LETS are structured as a business, ie they are owned by the individuals setting them up and the participants are regarded as clients, as in mainstream Barter Networks - this is analagous to the difference between a Building Society and a Bank.