ORIGINAL: LSF2298
If the membership shrinks so low as to liquidate the AMA, the property and all assets will be sold and the proceeds will be distributed to the remaining members. And we will send a Thank You note to those of you who left!
Dream ON!
While I love the idea it's like some past models of mine, it will not fly. Under the Internal Revenue Code (IRC) any organization under IRC 501 (c), Charitable Organizations closing the doors cannot distribute any excess funds and/or assets to anyone other than another 501 (c) unit. AMA is an IRC 501 (c) (3) unit, which is about the top of the heap since donations to those organizations are deductable from gross income for federal income tax purposes.
May I respectfully suggest that any person expecting to be an AMA "...remaining member..." not incur any significant debt if AMA assets are the expected coverage for such debt.
