Out of State or Online Clubs
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Out of State or Online Clubs If anyone has sample bylaws or a partnership agreement that addresses online or out-of-state members could you please send me a copy? I am trying to revise our bylaws to allow one of our members to remain in our club as he moves out of the state. Thanks in advance. Andy Dear Andy, I am in a club with online members. We have currently agreed that we will only accept new members who also live in our state however it is not something we specifically call out in our partnership agreement or bylaws. We do have this statement in our partnership agreement: "Additional partners may be admitted at any time, upon the unanimous consent of the existing partners." Which does seem like it would cover issues that might arise if an out of state member wanted to join and someone felt this was a problem. But it is an interesting question. I'm curious also whether other clubs have felt it necessary to specify residency requirements in their partnership agreements and/or bylaws. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio We have two members that are out of state. Our partnership agreement does not address the issue. There were some post earlier this year that mentioned a few states that had additional tax filings. I might bring it up in a meeting to exclude people in those states to avoid the extra work.
John
From: Laurie Frederiksen <laurie@bivio.biz> To: club_cafe@bivio.com Sent: Wed, May 11, 2011 7:03:32 AM Subject: Re: [club_cafe] Out of State or Online Clubs Dear Andy, I am in a club with online members. We have currently agreed that we will only accept new members who also live in our state however it is not something we specifically call out in our partnership agreement or bylaws. We do have this statement in our partnership agreement: "Additional partners may be admitted at any time, upon the unanimous consent of the existing partners." Which does seem like it would cover issues that might arise if an out of state member wanted to join and someone felt this was a problem. But it is an interesting question. I'm curious also whether other clubs have felt it necessary to specify residency requirements in their partnership agreements and/or bylaws. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio We have had a few members who are out-of-state in our club (typically who are a member locally, moved, and remained after leaving). In our ByLaws we do have stipulations to address this: 1) We will have no more than 4 non-resident members. This is more from a practical standpoint than anything else. More than 4 becomes too difficult to manage. We do manage conference calls for all the regular meetings to tie them in. 2) There is a requirement that all members are active participants, which was to address passive membership. So far, the out-of-state members have remained active. 3) Defined guidelines for online motions and voting. Most of our business is conducted in our meetings, but we do have (and frequently use) online voting to conduct business between meetings. This does help to keep everyone in-the-loop on most issues. Jimmy (TLP Investment Club) |
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