|Re: LLC||<– Date –> <– Thread –>|
|From: Joani Blank (jeblankic.org)|
|Date: Thu, 26 Mar 1998 03:22:41 -0600|
Your LLC will cease to exist when you move in and your group becomes a homeowner's association instead (assuming you'll be a condo) so resales are not an issue. I'm not a lawyer either, but as I understand that for tax purposes it is, to all intents and purposes, a partnership. However, in respect to liability some its is more like a corporation. In the Old Oakland group, we all just got K-1s to file with our tax returns. My tax person says that LLCs can be complicated and aren't any fun for her. Joyce, I understand that LLCs are relatively new in California, or maybe it is just new to use them for real estate, but we certainly do have them here. That is how the Old Oakland Group is structured. During planning and construction, the Doyle Street Group was a partnership with the developer/contractor as the general partner, and the members as limited partners. But it is true, every state is different and you really need a lawyer who knows about LLCs in your state. Joani
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