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Should I make an LLC for my soon to be ecovillage?

 
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I own 10acres of land in N. Idaho and I don't owe payments on it. I want to start an ecovillage here and have started finding my people.
My original plan was to have people sign contracts and do background checks to protect all parties involved, with a process that is similar to an official rental agreement with eviction terms and the whole 9yrds, just exchanging work for room and board instead of $. Then I/we would try to get this up and running while I maintain my position as the lead to start (since it is currently my land and too many chiefs gets complicated, especially for something sorta delicate like this, just starting out). Then, once it gets stable, I thought that I might make an LLC and sell shares of it to members with a full consensus governing system. (It will have to remain fairly small since it is only 10acres so I thinn full consensus is *probably* sustainable enough. Looking into it though.) That way too my only asset isn't tied up as an ecovillage if I ever decide to move away, also, and it ideally remains stable and functional if I leave it someday.

My question is, has anyone done it this way and do they have any wisdom to impart?
Also someone pointed out that I should make this be an LLC right away, before I even get people out there, to protecr myself and the property. Then I suppose I could add people to it later?
Thoughts???

Thanks!!!
 
pollinator
Posts: 249
Location: USDA Zone 8b
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It would take a lot of extra work but you may want to look at registering an S-Corp as it may save your a ton of taxes in the long term, an S-Corp can also be an LLC. It would also effectively limit shareholders to a maximum of 100 people and require them to be US citizens.

Depends on how you want to protect your income if you are making money off the land.
 
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I would not incorporate in any way shape or form. Instead I would recommend researching becoming a citizen of the state you live in as opposed to holding any national citizenship. There is a huge difference and I believe it will give you what you seek.
 
pollinator
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Location: Middle Georgia, Zone 8B
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I would HIGHLY suggest getting legal advice with such a monumental decision like this. I don't know if anyone here on the forums is a licensed attorney in Idaho.

Here is a link to attorneys in Idaho with real estate and property law expertise:

https://statelaws.findlaw.com/idaho-law/idaho-property-and-real-estate-laws.html
 
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We've founded a 501(c)3 for ours but that's because we want our land held in trust so no one person is like "I own the land do what I say". It lets us establish clear consensus or supermajority on all things ecovillage related instead of having a power differential.
 
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Location: Onalaska,Washington
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How is this going thus far?
 
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