Re:Limited Liability Company
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/>

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