Re: Group reluctance to incorporate <FWD> | <– Date –> <– Thread –> |
From: Stephen Hawthorne (hawthornacpub.duke.edu) | |
Date: Tue, 20 Sep 94 18:24 CDT |
> Steve Farley (sfarley [at] igc.apc.org) is the author of this message > are reluctant to establish legal status for the group (incorporation, > partnership, etc.) prior to optioning the land. > > How have other groups handled this phase of the process? There were four of us at Blue Heron who each put up $10K in order to make the downpayment on our owner-financed 65 acres. We hadn't intended to incorporate but were told by an atty that if our names as individuals were on the title chain, then we as individuals would be financially responsible for legal complications down the line, especially any costs for toxic cleanup required by the state at any point in the future. So the day before closing we filed as a corporation and are now working out the details of governance as a coop. One wonderful and unexpected bonus for being a corporation and a coop, owning the land in common, is that we don't come under the county's subdivision ordinances, since we aren't subdividing, and so don't have to do our siteplan for automobiles, we can do it for pedestrians. Stephen Hawthorne Blue Heron Farm Chatham County, NC
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Group reluctance to incorporate <FWD> Fred H Olson WB0YQM, September 14 1994
- RE: Group reluctance to incorporate <FWD> Rob Sandelin, September 14 1994
- Re: Group reluctance to incorporate <FWD> Stephen Hawthorne, September 20 1994
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