The Family Summer Home is Remember › wp-content › uploads › 2016 › 02 › Cabi… · The...

The Family Summer Home isWhere We Go to Visit OurRoots, Relax andRemember.....

Living RulemakersFlexibleNew

LLC

TraditionSuccession PlanStrong Rules

Trust

Choice of Entity

So How Can We Keep It

For the Kids and Their Kids?

PThe Operating Agreement Sets the RulesP Members and Memberships< Could “Spring” at Birth< Expire at Death

P Managers - Like a Board of Directors< Initially Present Parents< Later Generations When Parents Step Aside< Control the Cabin - Make “the Rules”

LLCsYour Own “Country Club”

Who is Eligible for Membership?Loss of MembershipHow are Managers Selected?Terms of Managers

Articles of OrganizationOperating Agreement

Who Can Use?When? (Schedule)Occupancy CostsBudgetImprovementsSale, Mortgage RentalDiscipline, Maintenance

Managers DecideDuty of Fair Dealing

Insurance

Utilities

Repairs

Taxes

Improvements

How Would You Like ItDone?