|If a forming group "club" dissolves.....remainder funds||<– Date –> <– Thread –>|
|From: Barbara (barbarazwovic.com)|
|Date: Wed, 4 Jan 2006 21:51:26 -0800 (PST)|
If a forming group "club" dissolves what would happen to the "club" funds? I am a member of a forming group and we are working on agreement on what would happen to the "club" funds if the "club" dissolved. From my study of online cohousing LLC bylaws/ Joint Partnership Agreements, the basic strategy is to distribute remaining funds in the following order. A. Pay all the debts and obligations B. Distribute remainder to a subsequent entity created by the members for the purposes of supporting a cohousing community. C. Distribute remaining assets to the members in their proportionate share. I know, I know, we should be so lucky if to get past A. Many of the bylaws/agreements simply leave any remainders after A up to existing membership or a Board of Directors. We have already agreed that members would NOT get their dues refunded if they left the group. So the above C doesn't make sense. Has anyone been part of a forming group that had remainder assets, was NOT going to form a cohousing community, and had to go on to a C? If so, what did the group do with the remainder? If there wasn't an prior agreement in place, what was the one they wish they had in place? Thanks Barbara Bochnovic US/OR/97405
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