|Re: legal help needed - dissolving development corp||<– Date –> <– Thread –>|
|From: Jim Snyder-Grant (jimsgnewview.org)|
|Date: Tue, 12 Dec 2000 06:40:27 -0700 (MST)|
New View (Acton MA) did this. The cost was somewhat less. We wrote up an agreement between the dev corp & the condo association that the condo association would agree to spend down the remaining dev money on a list of dev-related items ("Exhibit A"). Then we transferred the money & disssolved the dev corp. The issue was how to draft the agreement so that the transfer of money did NOT entail a transfer of liability - the dev corp was truely disappearing, not morphing. The lawyer thought that one issue was how much money was being transferred, so we waited until the money was 'residual' - a few thousand out of the few million budget. There's probably state laws involved & so I don't know if our paperwork would be helpful. Send me a self-addressed stamped envelope if you want to take a look at them anyway. -Jim Snyder-Grant 18 Half Moon Hill Acton MA 01720 ----- Original Message ----- From: "Denise Meier" <neesie [at] sonic.net> To: "Multiple recipients of list" <cohousing-l [at] freedom2.mtn.org> Sent: Sunday, December 10, 2000 4:16 PM 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
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