|RE: legal help needed||<– Date –> <– Thread –>|
|From: Rowenahc (rowenahccs.com)|
|Date: Mon, 11 Dec 2000 16:51:27 -0700 (MST)|
This is the kind of thing that needs advice from a lawyer familiar with your state's law. In the Commonwealth of Massachusetts, if you fail to file your corporate annual report you cease to have a corporation - you don't have to do anything formal. And our condouminium documents state that when all (or most) of the units are occupied the association takes over the rights and responsibilities of the developer, which is more or less required under the statute. There maybe something like this in your state. The estimated cost of tying up these loose ends sounds a bit high - you may want to talk to other attorneys. -----Original Message----- From: cohousing-l [at] freedom2.mtn.org [mailto:cohousing-l [at] freedom2.mtn.org]On Behalf Of Denise Meier Sent: Sunday, December 10, 2000 4:17 PM To: Multiple recipients of list Subject: legal help needed We at Two Acre Wood want to dissolve the LLC (Limited Liability Company) we formed to build this place, and transfer the responsibility for finishing up the little items that are still outstanding to the HOA (Homeowner's Association). Has any other group done this? We tried to get some legal advice and ended up with an offer to write up a transfer document at a cost of $3500 - $4000. This seems really high, and quite possibly unnecessary. I assume other groups had this structure and then dissolved it, even though I know the LLC structure is relatively new. What we're trying to understand is whether there is some legal protection the LLC offers us that we are giving up by dissolving it, and whether we should keep it around. I mean, it has to go away at SOME point, we can't keep it open indefinitely (at $800 minimum corporate tax/year) - just for the purpose of some vague liability protection. Any comments or ideas? Thanks, Denise Meier
legal help needed Denise Meier, December 10 2000
- RE: legal help needed Rowenahc, December 11 2000
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