Expectations of Members
This section outlines what your club expects from it's members. The more specific you are here, the better. Discussing the contents of this section will help you all avoid any misunderstandings in the future and will let you communicate clearly to potential new members what they are getting into.
Modify these requirements as you see fit. The sample requirements are for a club of people who are comfortable on the computer. Asking for things like automatic member deposits through electronic banking and communications online and through email can help to streamline your club operations so that your time and energy can go into choosing investments.
If you set the correct expectations from the start, people will live up to them. If you allow for leniency in things like receiving member contributions, you will inevitably end up chasing down payments from certain members. This is not something any of you probably want to spend your time on.
Disclaimer: statements are opinions expressed by bivio Customer Support and are not official statements from any government agency. These statements are not intended to replace professional legal or accounting advice. When in doubt, follow the advice of your lawyer or accountant who is familiar with your particular circumstances and the laws of your state.