The number 1 must have from my perspective: Word the bylaws so that members are paying for the recreation, not the property. In other words, if someone is in the camp for 10 years, and they then want out, they don't get that initial investment back. Obviously, this can have some drawbacks, but it avoids the situation where a couple guys drop out and you are forced to either pay that amount or sell the camp. This has broken up many camps.
I don't agree with this, not many are willing to plunk down thousands of dollars and simply walk away, nor should they.
Your LLC if you are doing it officially should come with stocks, so investing members should get a share entitling them to a percentage based on the number of the original investors. Yearly dues paying members won't.
At the time shares are issued define how and at what rate anyone leaving the pay out will be.
Our club is a fully incorporated club, not a LLC and now there are no longer owners but fully owned by the cooperation/club.
The initial investment were bonds issued in increments of 3K each, some guys had 1 share another had 12K invested, he had 4 shares.
We took in a lot of social members who had full use of the club, needed to pay dues and assessments for damage or expansion and had voting privileges as outlined in our by-laws.
Dues were based on our expenses and expansion ideas, plus we took 25% into account to buy back the bonds.
After 10 years the club had brought back all the bonds and to this day is totally owned by the membership.
When a member drops out even after 40 years as a member they get a "thank you for your years of participation" and if they were good guys we offer them Honorary Membership which entitles them to still use the club but not vote or bring guests, and they no longer pay dues.
We have 4 mandatory out of 10 workdays that members must attend or pay a $75.00 @ day penalty for.
also if family members are allowed total access define who a "FAMILY MEMBER" is. You would be amazed how many cousins and 1/2 brothers people try and claim to have
. We define family member as spouse....yep we have woman members, and children.
Today we still set aside 10% of the dues money into a "SINKING FUND" to pay for equipment replacement renovation projects and as a self insurance policy for things we don't want to turn into the insurance policy or that might not be covered.
Like I said before, don't put into the by-laws anything you dont intend on enforcing.
In the infancy of a club a lot of things can happen that will change a members situation and to say they lose money invested is not a good way to do business or maintain friendships.
Rule one in forming a club is to promote friendship and sociability and not doing right by the investing members is a big no no in my book.