|Memberships and Securities Laws||<– Date –> <– Thread –>|
|From: Cohomag (Cohomagaol.com)|
|Date: Sun, 28 Sep 1997 11:45:35 -0500|
Kate N. Nichols wrote: <<I just got back from talking to two lawyers today. They asked me how cohousing groups handle LLC's and securities. It is my understanding that we are in possible violation of security laws when the original members ask people to put in money towards a unit to become members, especially when they don't have a significant development plans to disclose to prospective members...The lawyer asked if we would be a 504 or a 505 tax (code?)>> I wrote a 2200-word article on this subject (including Rules 504-506 for exemption from securities registration requirements) as part of my master's degree report on legal and financial structures for cohousing (Berkeley, 1995). Seems a little long and technical for general dissemination on this list, but I will send it to anyone interested. (Please send your request directly to me [cohomag [at] aol.com] and identify yourself and your group or organization.) I'd be especially interested in feedback from any attorneys lurking on this list, since I am considering publishing all or part of the article in the Cohousing Journal. P.S. The quarterly journal is currently available on a subscription basis for $25-$35 (you choose the rate) from The CoHousing Network, P.O. Box 2584, Berkeley, CA 94702. (In the future the journal will also be distributed to members of the new national nonprofit which was discussed at the national conference last week.) Don Lindemann cohomag [at] aol.com
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