|Re: LLC Bylaws?||<– Date –> <– Thread –>|
|From: Martie Weatherly (mhweatherlyearthlink.net)|
|Date: Thu, 7 Jun 2007 22:39:41 -0700 (PDT)|
Just a word of caution to groups hoping to save on legal fees. We at Liberty Village formed an LLP in Maryland and basically wrote the document ourselves. 8 years later after a long delay where our community is only 50% built and there is still debt to be paid off and a few years until we can finish the community, one couple became very disenchanted and threatened to sue.
Our document had no specifics for how a partner can leave and our attorney basically said it would not hold up in court. Only because we were committed to working out our differences with the disenchanted couple and only because we have some wonderful members of our community who bought them out, have we survived. We are now faced with the document expiring at the end of this year and we have to decide whether to have a lawyer rewrite it (lots of $) or take a chance again. We also have had three deaths in that time, and luckily the estates did not pursue being paid back.
It makes those lawyer fees of long ago that we thought were too expensive look like they might have been worth it.
Martie Weatherly Liberty Village leslie mink wrote:
Hi, April - we actually haven't filed this yet, but this is what we came up with. No legal input on it either. Like you, I've been hoping for a more legal document, to go by so we could save on some legal fees. -Leslie Mink ----- Original Message ---- From: April <aroggio [at] nycap.rr.com> To: Cohousing-L <cohousing-l [at] cohousing.org> Sent: Sunday, May 27, 2007 10:28:02 AM Subject: [C-L]_ LLC Bylaws? Greetings all, First, I apologize - you have probably seen this request too many times to count. But I have searched your archives and sent some emails, and haven't had a whole lot of luck.We are forming an LLC (we're in New York); we do plan to hire an attorney. But we're also looking to save money, too, and plan to write up most of what is necessary for the LLC ourselves. To that end, we have been waiting hopefully for Andrew's document library to fill up.Our goal to have the LLC in place by the end of June, so we can start seriously looking at property. Is there anyone who can offer some advice about the particulars of LLC formation for the purpose of a cohousing community - maybe provide a copy of their LLC bylaws to check out? We assume that there are specific things that should be included. Again, sorry for what is probably an annoying, oft-asked question...April at aroggio [at] nycap.rr.comApril Roggio Capital District Eco-housingwww.cdecohousing.org or info [at] cdecohousing.org_________________________________________________________________Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/------------------------------------------------------------------------ _________________________________________________________________Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
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