Terms and Conditions
Effective date: 11/2022
LEGACY BUILDERS MEMBER TERMS AND CONDITIONS
I. PRELIMINARY PROVISIONS
(1) Parties: These terms and conditions are for every individual, known as the (“Applicant”), who seeks to join membership to an individual chapter member of Legacy Builders, which has been approved by Legacy Builders Group, LLC (“LBG”). Applicant is not joining Legacy Builders Group, LLC. Applicant agrees to all of the following terms and conditions upon paying membership fee.
(2) Acceptance of Membership: The approval and acceptance of said independent membership is at the sole discretion of the LBG leadership team. No investment activity shall be conducted under the membership or shall any promotion of the member occur until after terms and conditions are agreed upon and membership fees are paid in full.
(3) Term: This contract shall have a term of five (5) years and will renew for said term automatically unless written notice of termination of the contract is received by LBG within ninety days (90) of the expiration of the current term of the contract. The term shall begin on the date that the final party signs this agreement.
(4) Fees: Applicant shall pay the following membership fee prior to being recognized as an active member: $1,500. Membership fees are renewable yearly.
(5) Termination by LBG: LBG reserves the right to terminate the membership of Applicant if any of the terms of this contract are breached. This determination is in the sole discretion of LBG.
(6) Advisory Counsel Consultation Services: LBG may offer consultation services to assist members with evaluation of specific investment opportunities. The purpose of these services is to offer the member a resource of information to assist said member in fully understanding the investment being vetted so that its members can make an informed decision about that particular investment. The LBG consultation services are governed by a separate agreement that would need to be signed at the time the member engages LBG for those services. If said consultation services are being rendered by LBG, the member and each member understands that LBG makes no assertion as to the success of any investment on which LBG is consulted about.
II. MEMBERSHIP PROVISIONS
(1) Nonliability of LBG: Each member shall be considered a member such that LBG shall never be held to liable for any expenses, debts, obligations or liabilities. LBG makes no assertions regarding the viability of any investment that each member chooses to invest in and guarantees no results.
(2) Member Code of Conduct: Each member shall agreed and follow the LBG member’s Code of Conduct.
(3) Non-Financial Investment Company: LBG is not registered with the Securities and Exchange Commission and is not an investment company, investment bank, commercial bank, credit union, investment advisor, investment crowdfunding, or any form of investment company. Further, LBG does not offer any assertion regarding the appropriateness of any investment or guarantee any return on investments chosen by each member.
(4) Members’ Research: Each member recognizes that he or she is responsible for their own research and/or vetting of any investment chosen or considered by any independent chapter. LBG, its members, staff, employees, representatives, or any agent of shall not be held liable for the investment choices of the member or that each individual makes as a member of said independent chapter.
(5) Members’ Confidentiality Requirement: Each member shall keep all information regarding the member and its investments, prospective investments, and any other information regarding the member completely confidential. This duty of non-disclosure shall extend to anyone that has been approved as a member of the independent chapter, their spouses, heirs, or their agents.
(6) Members Code of Conduct: - Each member shall conduct themself in a decent and professional manner at all times.
- Each member shall keep all informational confidential in respect to other members, information shared at meetings, and any other information unless given explicit written authorization.
- Each member shall be proactive and engaged in Legacy Builder meetings and activities.
- Each member understands that the strength of the group is determined by the committed involvement of all members.
- Each member shall fulfill the agreed upon profit sharing in a reasonable amount of time.
- Each member shall immediately disclose any conflict of interest in regard to a person, company, investment opportunity, or anything else that could provide me with a personal gain.
- Each member shall not solicit business from Legacy Builders Chapter meetings, the website, or any membership rosters.
II. TAX AND FINANCIAL PROVISIONS
(1) Tax Ramifications: Each member recognizes that investing has potential for impact on their personal tax liability. As such, it is the responsibility of each member to obtain the guidance of a tax professional. LBG makes does not give any tax advice to its independent chapters nor the members of any independent chapter.
(2) Annual Income Tax Returns and Reports: Each member shall be solely responsible for preparing reports and/or preparing the annual income tax returns for any underlying entity said member created.
(3) Tax Matters Partner: If member joins a LLC, which is required under Internal Revenue Code provisions or regulations, it shall designate from among its members a "tax matters partner" in accordance with Internal Revenue Code Section 6231(a)(7) and corresponding regulations, who will fulfill this role by being the spokesperson for the LLC in dealings with the IRS as required under the Internal Revenue Code and Regulations, and who will report to the members on the progress and outcome of these dealings.
(4) Release and Indemnification: Investments of all sizes and types carry risk. These risks include, but are not limited to, loss of all or a portion of your principal, inability to access your funds while they are part of the investment, and inflationary losses. Each membera nd each member of said chapter(s) shall hold harmless LBG for any negative impacts of risks with regard to investing. Further each member agrees to indemnify LBG for any losses it incurs that are caused, directly or indirectly, by the independent chapter.
III. GENERAL PROVISIONS
(1) Mediation and Arbitration of Disputes: In any dispute over the provisions of this contract and in other disputes among the members, if the members cannot resolve the dispute to their mutual satisfaction, the matter shall be submitted to mediation. The terms and procedure for mediation shall be arranged by the parties to the dispute. If good-faith mediation of a dispute proves impossible or if an agreed-upon mediation outcome cannot be obtained by the members who are parties to the dispute, the dispute may be submitted to arbitration in accordance with the rules of the American Arbitration Association. Any party may commence arbitration of the dispute by sending a written request for arbitration to all other parties to the dispute. The request shall state the nature of the dispute to be resolved by arbitration, and, if all parties to the dispute agree to arbitration, arbitration shall be commenced as soon as practical after such parties receive a copy of the written request.
All parties shall initially share the cost of arbitration, but the prevailing party or parties may be awarded attorney fees, costs and other expenses of arbitration. All arbitration decisions shall be final, binding and conclusive on all the parties to arbitration, and legal judgment may be entered based upon such decision in accordance with applicable law in any court having jurisdiction to do so.
(2) Entire Agreement: This agreement represents the entire agreement between LBG, its independent chapters, and its members, and it shall not be amended, modified or replaced except by a written instrument executed by all the parties to this agreement. This agreement replaces and supersedes all prior written and oral agreements among any and all members of this LLC.
(3) Severability: If any provision of this agreement is determined by a court or arbitrator to be invalid, unenforceable or otherwise ineffective, that provision shall be severed from the rest of this agreement, and the remaining provisions shall remain in effect and enforceable.
(4) Advice of Counsel: Each member acknowledges that, in executing this agreement, the member has had the opportunity to seek the advice of independent legal counsel and has read and understood all of the terms and provisions of this agreement. This agreement shall not be construed against any party by reason of the drafting or preparation hereof.
(5) Member gives permission to LBG to use its name for promotional and reference purposes
