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