Cohousing-L Mailing List: Re: LLC Bylaws?

[Martie Weatherly (mhweatherly]

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.com 
>
> April Roggio
> Capital District Eco-housing
> www.cdecohousing.org 
> or info [at] cdecohousing.org
>
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