With 18-year fund lifecycles and portfolio zombies, angel investing through intermediary LLCs is too expensive (time and money) and has become unsustainable.  The primary concerns of both startups and investors can be mitigated with simple contractual agreements to cooperate that do not require creating entities with all their tax, banking and management nightmares.  It just requires a little compromise to reset the status quo.  And, member engagement and recruiting the next generation of investors will be benefited by making the legal and tax accounting procedures of investing simpler.