FAQ

The LLC manages the decoration; naturally, if there are certain amenities or pictures an owner may want to incorporate, management will try and make the best decision, or put it to a shareholder vote for significant changes. The LLC will prioritise rentability of the property for all shareholders, so should someone's creepy doll collection get in the way of that objective, management will error on the side of renatability.

It won't during this start-up phase for the first property, which is a "proof of concept" run. Atlantic Retreat Realty will apportion costs to cover the costs of the LLC (website, admin, taxes, etc.). In other words, it will break-even. However, these are the costs shareholders would typically incur anyway were to they to "do it themselves", we hope sharing some of the fixed overhead costs with other owners should prove a benefit. The shareholders then can make some money or defray the cost of ownership by putting their weeks up for rent, which is managed by the LLC. Later down the road, for additional properties, there's a plan to make money by offering management services, financing, but the goal here with the first property is to establish a good workflow before scaling. 

The LLC is the owner of the real-estate; each shareholder holds a fractional claim and owns the LLC. The LLC bylaws don't let it do much more than hold and rent property for the economic benefit of the owners (i.e. the LLC doesn't trade bitcoin, make widgets, or do risky things). Shareholders have first rights of refusal for anyone selling, so in theory over time one owner can acquire or divest shares. There are 52 shares, each representing a week, the "dividend" is staying from 13:00am Sunday to Sunday 11:00 (cleaning occurs for 2hrs between visits.)

Share ownership should be treated tax-wise like any other stock or share. Rather than a share of Apple or Tesla, this is a share in a private Portuguese limited liability corporation. This structure was actually chosen to simplify taxes because costs and income are offset where the asset is held in Portugal, which gets messy and complicated with multiple owners in multiple jurisdictions submitting maintenance bills, collecting rent, would soon create an administrative nightmare. Property management business is nothing novel, but trying to explain a 52-way direct partnership in a Portuguese property to your. We're required by Portuguese law to have a CPA on staff, so it's not your cousin losing the receipt to the lawn-care bill. But the standard caveat of "consult a tax-attorney in your jurisdiction" applies.