Re: COHOUSING-L digest 771 | <– Date –> <– Thread –> |
From: Philip W. Bush (Philip.W.BushDartmouth.EDU) | |
Date: Mon, 1 Mar 1999 08:44:56 -0600 |
--- Philippe Jordi (quoting Howard) wrote: Some members had heard that there were abvantages in >forming a limited liability company in term of negotiating a mortage with a bank. --- end of quote --- At Cobb Hill in Hartland, VT, we're considering the same issues. We're an LLC for now, during the design/development phase. We're considering Coop, Condo, LLC for the future. One thing we've learned is that, since state laws govern these things, what's true for MA or IL may not be true for VT. It appears, for example, that VT laws make cooperative structures very advantageous. If the banks agree to it, we'll probably go that way. Also, in VT, there isn't a distinction between LLC and LLP; rather, if you are an LLC, you can elect to be taxed as a corporation or as a partnership. We have learned a lot from the way others around the country have structured things, but then had to pay attention to the specifics of Vermont law and the inclinations of Vermont bankers.
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