Re: COHOUSING-L digest 771
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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