Yes, to both. The cloud has the master version. You also have everything local. It would be impossible to build the solution without everything being local.

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>Paul, thank you very much for the detailed and helpful message.
>One question I would like to ask you to clarify. When you say "shared source controls system" you mean that the entire source is in the cloud and only available via Internet connection? Also, if you do implement the shared source control system, can you still have the entire project/solution on your local drive? and use it without Internet (e.g. on a plane?)