Cabin
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Cabin

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Cabin Presentation Transcript

  • 1. The Family Summer Home isWhere We Go to Visit OurRoots, Relax andRemember.....
  • 2. So How Can We Keep It For the Kids and Their Kids? Choice of Entity Trust LLCStrong Rules Succession Plan Tradition New Flexible Living Rulemakers
  • 3. LLCs Your Own “Country Club”P The Operating Agreement Sets the RulesP Members and Memberships < Could “Spring” at Birth < Expire at DeathP Managers - Like a Board of Directors < Initially Present Parents < Later Generations When Parents Step Aside < Control the Cabin - Make “the Rules”
  • 4. Articles of OrganizationOperating Agreement Who is Eligible for Membership? Loss of Membership How are Managers Selected? Terms of Managers
  • 5. Managers DecideDuty of Fair Dealing Who Can Use? When? (Schedule) Occupancy Costs Budget Improvements Sale, Mortgage Rental Discipline, Maintenance
  • 6. UtilitiesInsurance Repairs Taxes Improvements
  • 7. How Would You Like It Done?