|Re:Limited Liability Company||<– Date –> <– Thread –>|
|From: Fred H. Olson (fholsoncohousing.org)|
|Date: Sat, 13 Feb 1999 13:15:31 -0600|
Leon DeKing <ldeking [at] primenet.com> is the author of the message below but due to a problem it was posted by the Fred the list manager: owner-cohousing-L [at] cohousing.org -------------------- FORWARDED MESSAGE FOLLOWS -------------------- Dear Howard et al: At Manzanita Village of Prescott (Arizona) we are using the Arizona Limited Liability Company(LLC) format for our develoment company. Our reasons for changing from a non-profit corporate organization to an LLC was to reduce expenses and for-the-governments paper work. Both objectives seen to have been attained. As to what effect the LLC format has upon securing bank $$ for development work, I cannot say, since we haven't used them at the development work stage. Bank involvement will start next summer/autumn when the unit buyers' individual mortgage loans kick in. As I remember, the problems that banks had with us wasn't the LLC, but the cohousing, consensus based member management, idea. Hope this helps. Personally, I like the way our LLC is working for us. I suggest, strongly, that you repeat our path to LLCing, which included studying Arizona (Illinois statutes for you) LLC statutes, discussing the pros and cons at length, and retaining the services of a cohousing and LLC "experienced" lawyer. Yours Aye, Leon R. De King, PS: check out our web site at <www.mwaz.com/cohousing/>
Results generated by Tiger Technologies Web hosting using MHonArc.