It is an LLC. There are no formal rules at all (at least that I've seen, and I've asked). We just have an online scheduler. I say we're a "club" and it is "XYZ Flying Club, LLC", but I've never seen any kind of club rules, I've never seen the LLC agreement, the insurance policy. Nothin'.
One thing I've been irritated by over the years is exactly this type of thing: the lack of any rules. For example, nobody was informed about putting in the 650. We were just told that it had been put in, and that the loan for the overhaul had been "reworked" to cover the cost of the 650. Sometimes we get random bills without being consulted, like for new radios (that was at least a grand a head if I remember correctly) and ADSB. no discussion, no "do you guys think we should....". It's done and we get a bill. Granted, I think the upgrades have been great, but nobody was consulted.
Or this flight, I was originally scheduled to go (which is why I wasn't concerned knowing the other pilot was out of medical - I am and am legal). Then out of the blue I get a text that the other pilot was going, not me. I wasn't asked, I was told. Now again, the other pilot is my mentor and I will never be able to repay him everything he's done for me in aviation, but still.
It's kind of a long and winding tale. I consider(ed) these people friends. I was disavowed of that notion this morning.