This is an idea born of love for God and family: and must be built and maintained on a level of loving trust that is found outside of corporate America.
Our goal is to come together as a family unit and create a Limited Liability Corporation (LLC) that would benefit the current generation; and generations to come. The family LLC board members would decide and vote on various endeavors deemed feasible; real estate investments, individual business projects, scholarships, donations, etc. The possibilities could be endless.
Q: What if a family member was about to lose their home due to a foreclosure during this tough economy and/or a job loss?
A: The family LLC could step in and purchase the home under the family LLC umbrella to allow the family member to stay in the home.
The necessary cash reserve to fund endeavors would be a combination of deposits made regularly to a bank account opened under the established name of the family LLC; available for the members to view, but with restrictions of course. Most important - no withdrawals would be allowed within the first year in order to build the initial cash reserve. Advice and input from a family accountant, family lawyer or a family member holding a business degree would be greatly appreciated.
We truly believe that this will work "if" the family can see its way to come together and build something great under an umbrella of financial stability that would benefit everyone involved; for generations to come.
By all means, this idea is nothing new or groundbreaking. It's been done throughout the years. But..."our" family has never attempted such an endeavor. And that is what's so new and exciting about it for us.
If you and your family have had success with such an idea, please let us know. Perhaps we can build on some of your ideas and advice.
Here's to a better future for us all!
Below are a few websites to view in the mean time:
http://www.score.org/ - advice from successful business advisors
http://www.llc.com/ - help to set up an LLC
http://www.irs.gov/ - keep up with tax laws