Reorganizing

I am a property owner in a small HOA of only 8 units. The HOA consists of 2 separate buildings of 4 units each. The properties were part of what was orginally planned to be a development of dozens of units, however, plans changed after these 2 buildings were built, and in place of the additional original townhouses that were to be constructed, apartments were built instead. So, now there will never be more than the 8 units that comprise the HOA currently. In the interest of simplifying things, we're considering dissolving the existing HOA, and having each building establish its own HOA, acting independently of each other. I'm curious if anyone could give any insight as to if this is a good or bad idea, and what the cost would be, from a legal standpoint, to dissolve the existing HOA, and to incorporate the new ones.

BillyK,
I'm with Glen and also pose the question: "How are you an HOA if you have just two buildings?"
Something very strange here. Are you sure you are not a condo? I doubt very much that you are legally anything. Did the developer turn the management of the property over to you? Who in your community accepted the Corporation. Which brings up, are you incorporated as a non-profit and licensed by the State? Is your business (Corporation) listed on the States Business filings? Who do youpay assessment to? For what?
Really I just suspect you may have been lead down a path to nowhere. If you have two buildings and a total of 8 members, can we assume then there are four members in each building? If this is true, your units (members) are all living in some kind of communal building. Who owns the ground the buildings sit on? Who files any tax returns for your association? I suppose the best place to start is go to the court house and see how you are registered by the County when and if you were ever chartered.

I think you need to establish what you are before changing anything.
See if you can enlighten us with more information.

BillyK: It will be difficult to render advice unless you post what your governing documents state regarding common areas for repair/maintenance and how the government unit (Exec.Board) is to function. You will find this info in your official documents, CC&Rs, which you should have received at settlement of your unit.

Dissolving an HOA is not simple, and it can bring more problems than what you might be prepared for. What exactly are the reasons the 8 property owners want to divide into 2 separate HOAs (?) when you most likely have the same common areas to fund? Is the apartment complex also dedicated as an official HOA?