Add definitions to the top of the document to make it possible to refer to things with unambiguous shorthand
Clean up department syntax (no content modified)
Move bylaws stuff up in the document. (no content changed)
Make the legal language around assets more comprehensive and legally tight.

Here's the lawyer explanation for these changes, note that there's probably more work to be done here!

IV. Assets of the LLC

  a. Language Generally: changed “Collective” to “Red Emma’s” to make
     it clear exactly in whose name the debt would be held. This is
     consistent with the definition section. Other language changes
     were made for clarity.

  b. Subsection 1:

    i. Opting out of Default Rules

      1. Default Rule: “Real and personal property owned or purchased
         by a limited liability company may be acquired in the name of
         the limited liability company”

      2. Red Emma’s Choice: Red Emma’s is opting out of the default
         rule by requiring that all the property of the LLC be held in
         the name of the LLC.

  c. Subsection 2: Adding Default LLC Member Liability Language:

    i. Default Rule: Individual members will not be held personally
       liable to obligations of the LLC solely by reason of being a
       member of the LLC. This, unlike other of the sections of the
       LLC statute, does not allow for opting out language in the
       bylaws.

    ii. Original Language: The original language only specifically
        deals with the debt of the LLC, and not the actions arising in
        “contract, tort or otherwise,” which is what are the listed
        protections in the LLC statute. It is OK that these
        protections are not listed.

    iii. Proposed Language: We added the other LLC default liability
         rules. From the prospective of a member, this gives them
         notice regarding their liability. From the prospective of
         being a set of model bylaws, it may be useful for the
         audience to have all of the liability rules set out in one
         document.

  d. Subsection 3:

    i. Opting out of Default Rules:

      1. Default Rule: After the LLC’s creditors have been satisfied,
         unless it is otherwise agreed to, members are paid in
         proportion to their capital contribution once the capital
         accounts are adjusted by adding the respective share profits
         of the LLC and deducting any loses of the LLC and
         distributions previously received by the members. LLCs can
         determine how the remaining capital accounts will be divided.

      2. Red Emma’s Choice: Because Red Emma’s has provided for a
         different way to divide the remaining assets, you have opted
         out of the default rule. This is compliant with the LLC
         statute.

  e. Further Considerations:

    i. Dividing Interests Upon Dissolution:

      1. Red Emma’s may want to consider whether it would prefer to
         leave the decision of how remaining assets will be divided up
         at dissolution until Red Emma’s is ready to dissolve. That
         time will, no doubt, be a very stressful one. Although there
         is no ‘right’ answer to this, Red Emma’s may consider it from
         a model bylaws perspective in showing other worker
         cooperatives a solution that fits the values you are trying
         to portray in how to wind up a business.

      2. Options for dividing the remaining assets include, but are
         not limited to:

        * Agreeing to donate all of the assets to a particular
          organization

        * Splitting the remaining assets evenly

        * Splitting the remaining assets based on tenure

        * Splitting the remaining assets based on the number of hours
          worked

      3. Other information that may be considered when drafting this
         provision includes:

	* Within what time period after dissolution and creditors
          being paid will the capital accounts be distributed?

	* How will the physical assets of the LLC be distributed?

	* Will they be sold and the assets distributed evenly?

	* Will members have the first opportunity to buy them?

	* Will they be donated?
Changed title of section (no content changed)
Moved this from the "relationship" section per lawyer suggestion
Removing section about meeting notes per lawyer suggestion:

  The LLC Act does not require meeting regularly or taking minutes
  during those meetings, but by including it in the bylaws, Red Emma’s
  has made it a requirement. This requirement is not included in
  sample worker cooperative bylaws that were reviewed. The practice of
  taking and sharing meeting minutes is very helpful to members and
  good for the operation of Red Emma’s as it records decisions and
  discussion at Collective meetings. The disadvantage to including it
  in the bylaws is that it effectively makes it a legal requirement
  for Red Emma’s to take minutes and make them available to
  members. There is no reason that Red Emma’s should stop taking and
  sharing the minutes, but they can do so without legally binding
  themselves.
clean up formatting, remove asterisks