Family Cabin Questionnaire Step 1 of 2 50% Your Full Name* First Last Cabin Address Street Address Address Line 2 City AlabamaAlaskaAmerican SamoaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaGuamHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaNorthern Mariana IslandsOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahU.S. Virgin IslandsVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code You plan to co-own the cabin with the following people:NameRelationshipHow many children do they have? Click “+” to add additional namesWhat would you like your LLC or partnership to be called?Please list up to two alternative LLC names: Click “+” to add additional namesDo you plan to contribute anything besides the property to your LLC?Money to fix up the cabin, money to be held in the cabin account to pay taxes, and maintenanceDo you have an estimate of maintenance costs and yearly taxes?Ownership and ManagementWill everyone listed above have equal ownership of the cabin?YesNoIf no, please explainWould you want a spouse to have equal access/ownership of the property or would it only pass to children?I would suggest ownership pass to children with a right of access to a spouse. So, we could include any natural or legally adopted children.Will everyone listed above manage the property together OR will one person be handling the bulk of the management?Ensuring maintenance gets done, paying taxes, dealing with official mailEvery decision togetherThere will be a single managerSingle manager for decisions involving less than a certain amountIf single manager, who?If single manager for below a certain spend or for certain types of decisions, what is that amount or the types of decisions?Manager has to consult all the members if they are taking out a loan, if they are renovating or changing the property or structure, if there is any change in ownership, to contribute money to the LLC, and for paying for anything that is not a state or locally assessed tax or a pre-approved budget itemWho will have access to the bank account?The Manager and the MembersOnly the ManagerOnly the people chosen by the MembersQualifications of Manager Can’t have had a bankruptcy Can’t be the subject of a lien or legal settlement Doesn’t matter as long as all the members agree to the person Must be a member For the following types of decisions do you want majority vote, super majority, or unanimous?majority = 51%; super majority = 67%; unanimous = 100%Changing the Operating AgreementMajoritySuper MajorityUnanimousTaking a LoanMajoritySuper MajorityUnanimousElecting or Choosing a New ManagerMajoritySuper MajorityUnanimousRemoving a ManagerMajoritySuper MajorityUnanimousSelling the CabinMajoritySuper MajorityUnanimousAdding any structures or renovation of the cabinMajoritySuper MajorityUnanimousRequiring additional capital contributionsMajoritySuper MajorityUnanimousAdmission of new members outside of the familyMajoritySuper MajorityUnanimousTransfer, Purchase, or Sale of membership InterestMajoritySuper MajorityUnanimousAdding a business purpose to the cabinMajoritySuper MajorityUnanimousAirbnb, rental Capital ContributionsMoney into the LLCHow will you determine the amount of money to put into the LLC?Suggested: a % of tax assessed value to go towards savings, maintenance of property and LLC, and yearly taxes owed.How often will people contribute the money for the contribution?The total annual amount will be determined, but then people can pay it all at once or over time Quarterly Yearly Monthly Do you want people to contribute a cleaning fee every time they stay at the cabin?Example a flat $250 cleaning fee, with the amount re-evaluated every year paid for each stayWhat happens if someone can't pay their capital contribution? Select All Their percentage ownership gets diluted Other members loan the money to the non-paying member, draft a promissory note that collects minimum interest until paid off The members consider it a default and they buy out the non-paying member The members consider it a default after a certain number of years and then they buy out the non-paying member (you can choose to have a grace period as well)Transfers of Membership InterestDeath, giving up rights, etc.If someone does not have any living children at death, their ownership percentage will revert back to the company to be equally distributed amongst the remaining living members equally by their percentage interest Yes No Upon the death of a member, their percent ownership will be split equally amongst their kids Yes No I’d like to explore other options but I’m not sure what This may result in unequal ownership percentages amongst a generation, but would also be the most straightforwardIf someone no longer wants to own a share of the cabinThe cabin members get to purchase back their share – the cabin ownership cannot go to someone outside of the family unless everyone unanimously agrees to sell the cabin The remaining members will buy that person’s share by splitting the cost equally The immediate family members (siblings) will buy that person’s share back or otherwise figure out the negotiation of it Some combination of the two above They get nothing for giving up their right, the ownership and equity just gets redistributed amongst the other remaining members If a member's ownership interest gets transferred to someone not in the family The other members have a right to purchase the ownership interest back The other members get to decide whether the transferee can continue to have rights The transferee gets all the same rights of access as the other members Right of UseHow would you like to divide up access to and time at the propertyEvery member gets an equal number of days (split up by season so that no one can "monopolize summer" or winter or whatever); People can trade or forgo their time at the cabin, but that doesn't mean that they pay less in capital contributions (they just wouldn't have to pay the cleaning fee). If they wanted to give up their right to access it, though, that's different You can maintain a shared calendar where people can "book" their available dates and you can keep track of usage.What actions do you want members to be able to take if someone is overusing or overstaying their welcome?Anything else you want to tell me or that you're concerned about? Δ
