Re: getting money up front
From: Jennifer Flynn (jen.flynnverizon.net)
Date: Mon, 8 Feb 2010 12:48:46 -0800 (PST)
I assumed "pooling money" meant  contributing to the new business/LLC
Peace,
Jen

Always be on the lookout for the presence of wonder.
E.B. White
Charlotte's Web

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From: <vandeist [at] msn.com>
Sent: Monday, February 08, 2010 3:45 PM
To: "Cohousing-L" <cohousing-l [at] cohousing.org>
Subject: Re: [C-L]_ getting money up front


By pulling your money, have you violated any Security & Exchange Commission
(SEC) regulations?  If people without a history together pool their funds,
the SEC interprets that as a security.  Did your group members have an
extensive personal/business history with one another?  Are you an LLC or
incorporated?  Did you create a security?  Please tell.  We have avoided
pulling our funds, because we're new to one another as a group and didn't
want to run afoul of the SEC.  Now we're considering creating a security.
Van Deist    Venice, FL

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From: "Fiona Frank" <fionafrank [at] googlemail.com>
Sent: Monday, February 08, 2010 10:35 AM
To: <jen.flynn [at] verizon.net>; <cohousing-l [at] cohousing.org>
Subject: [C-L]_ getting money up front


Dear Jen and all
Our group have all put up 30 per cent of the cost of their next houses in
order to buy the land we now have.....  Sources of funds among the group
are:

loans from family and friends, inheritances
selling their houses and either renting, or living in a caravan on the
site
(we havent done the caravan thing yet) or sharing with other cohousing
members
changing our mortgages from repayment to interest only, on a temporary
basis
extending our mortgages

good luck!
Fiona
Lancaster cohousing
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