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 What is an LLC?
 An LLC is a Limited Liability Company. Dream Homes Abroad, LLC, registers the LLC for each property in the State of Washington, USA.
What is a typical LLC property?
A house and related grounds, which can be of any size, but will usually sleep a minimum of four people. The house will be totally furnished, appointed and ready to occupy.
Who establishes and owns the LLC?
Dream Homes Abroad, LLC, establishes the LLC including the Operating Agreement. The LLC is a member-formed Company to serve as a joint venture by and among the members to own and manage real property in accordance with the terms and conditions of the Operating Agreement.
What is an Operating Agreement?
The Operating Agreement sets out the respective rights, obligations and duties regarding the LLC and its assets and liabilities. A typical Agreement includes the following Articles: Definitions, Formation, Members and Membership Interests, Management, Budgets and Accounts, Member Meetings, Member Use Rights, Accounting and Records, Transfer of Interest, Distributions, Withdrawal and Dissolution, Indemnification, and Amendments.
Dream Homes Abroad, LLC has extensive experience in establishing and operating LLCs and our knowledge has been incorporated into the Operating Agreement.
Since the LLC is a membership company, the members may modify the Operating Agreement as stipulated in the agreement.
An abbreviated version of the Operating Agreement is available for review prior to purchase.
Who is responsible for the operation of the LLC?
One or two managers are selected from the members of the LLC. The manager(s) as identified in the Operating Agreement manage the LLC for one or two years. If two managers are selected, the terms are typically staggered. The Operating Agreement identifies the duties, obligations and limitations of the manager(s). The members may select an outside manager, however, this is rarely done.
Why have a LLC located in the USA own a house in France?
French inheritance laws are very strict and very limited as to who may inherit properties. Since the property is owned by an LLC based in the United States, the United States laws apply making the transfer of a membership by a will or trust much simpler. The same holds true for tax purposes. The only French taxes, other than property taxes, apply only if the LLC rents the property to non-members.
How many members are in the LLC?
Typically six or seven members form the LLC, however there can be any number of members. The advantage of such limited membership is to maximize member's usage. With six members, each member has four weeks high season and four weeks low season. With seven members, each member has three weeks high season and three weeks low season.
How is the house maintained overseas?
Typically a person who lives near the house is retained to prepare the property for arrivals, clean after each use and generally oversee the property. A modest fee is left after each use to cover the expense of cleaning.
How is a member's time of use established?
The first year, each member draws a number for high season and low season. Members then choose, in order, their desired dates for high and for low season. The following year, each member moves up one number and the first to choose the previous year moves to the last.
Modifications in this system are sometimes made to give priority to families with children during the children's summer vacation. Members are free to exchange times with other members.
May my friends use my time?
Yes, but you are responsible for anyone who uses your time.
May we rent our time to others?
If the Operating Agreement has a rental article, you may rent your time as stipulated in the article.
Our experience has indicated that most members do not wish to have "strangers" staying at the house.
What do we do for transportation to and from the house?
The house is usually within thirty minutes of a train station and car rental agent. Members occasionally decide to purchase and share a car.
Are shops and restaurants nearby?
If the house is in a town, these services are often within walking distance. If the house is in a village, services may be limited; however, we attempt to choose locations within fifteen minutes of essential services.
What communications are available at the house?
A phone is provided and may be used for voice or internet connections. Some houses have a dedicated fax/internet line. Phone cards are often used to make long distance and international calls. The cards are usually very inexpensive when purchased locally.
Can we visit the house prior to purchase?
We encourage you to visit the house prior to purchase. We would be pleased to help arrange your visit.
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