This means that until we have all 100 people signed in we are not yet a Limited Liability Corporation.

After 25 members commit we all have 3 months to buy in. All that money needs to be safe for you and me. We enter a business agreement with the plan of 100 people coming together to buy land. It is "In Consideration". So all our money sits in the bank until the day we buy land. If we don't buy land within 3 years then everyone gets their money back with the interest it's earned.

Once we buy the property the PiC (Partnership in Consideration) contract covers all expenditures and functions of the company until such time as the Co100 is complete and the LLC (Limited Liability Corporation) contracts are signed.

Once the 100 share milestone is reached the company registers as a Limited Liability Corporation with 100 shares owned by the Co100 members.

Some people may want more space, more shares, have a little extra money but not a lot of time to give. Everyone is welcome to own up to 5 shares per group/ household. Multiple people may split up a share, they would of course only receive 1 vote on the council and 1 plot of land but in a few cases several people could share a lot.

So all the money sits in the bank under the name "Council of 100, Partnership in Consideration" and collects interest and you can get it back (within the terms of the escape clause of the PiC contract ) and run away.

Obviously we can't have everyone bailing so limits and fees are attached to bailing out. This is all outlined in the PiC contract.

 

The PiC contract is being written on the forums.
Please visit the forums to talk about the PiC contract.

To learn more about The Council of 100 click here About The Council of 100

Or visit the forums Click here.