|Re: legal and financial issues||<– Date –> <– Thread –>|
|From: Rowena Conkling (rowenacworldnet.att.net)|
|Date: Tue, 2 Jun 1998 19:16:37 -0500|
hoffice [at] mindspring.com wrote: > > Hi All, > > Can anyone direct us to an outline of choices or options available > for: > > the legal issues regarding setting up a co-housing unit - ie, death > of a member; their estate, etc. > > the financial issues regarding setting up a co-housing unit where >I'll say it again. Each state has its own statutes which authorize different legal entities and limit options. YOu really need to get local legal advice (and I'm not just drumming up business for my fellow attorneys!) At Cambridge Cohousing under Massachusetts law, we used a Limited Liability Partnership as the entity for construction purposes and are in the process of transferring to a Condominium Association. As an LLP the liability of individual members was limited as in a Corporation but we did not have to deal with the formalities of corporate reporting, etc. As a condominium we have no control over who may inherit a unit on the Owner's death, and have only a right of first refusal upon sale. Like many other cohousing groups, we investigated the possibility of becoming a cooperative and finally gave up on it - it's very hard to create and get financing for a coop in Massachusetts. But what you need is sympathetic advice from a local attorney on the options that may exist in your state based on the precise facts of your situation. Good luck, RowenaC
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