The Annual Meeting was held in February this year, and it began with approval of the minutes of the previous member meeting, a review of the agenda, and then the LLC finanical reports. The group discussed the logistics of adding N&J on as signatories of the LLC’s bank account, and a date was scheduled to accomplish that task. Other financial housekeeping items were also discussed.
The 2017 list of proposed repair and maintenance projects, as well as new items that had been added mid-year were assessed, completed projects crossed off, and incomplete projects were re-prioritized. Then all members discussed adding new items onto the list for 2018 and prioritizing them.
Significantly the members agreed to amend the By-Laws to include a whereby “sunk costs” independently paid for by only one member would be reimbursed by the LLC if member chose to sell their shares. A motion was made regarding agreed upon language, and the members voted to amend the By-Laws.
A new lease agreement for the Farmhouse and the Barn was distributed, reviewed, discussed, and signed by all members.
Eric and Alison proposed initiating scheduled “Quarterly Check-in” meetings when members agreed to informally meet to discuss various on-going LLC business. If any business required an official LLC meeting to be held the members would arrange for that according to the By-Laws. Otherwise it was felt that the LLC business process would flow better and members might feel more informed and have a voice in that business outside of the required Annual Meeting. The group agreed to begin these check-ins.
With no additional business to discuss the meeting was adjourned.