Cohousing-L Mailing List: RE: LLC vs co-op?

[Fleck (foam4u]

Jackson Place in Seattle was an LLC for our construction phase. We went thru 
Everett Bank and they were completely reasonable. When the construction loan 
was paid off and all the units were sold we dissolved the LLC. We are now a 
condo association.
If you have more specific questions, I may have to have another member answer.
Anne

-----Original Message-----
From: Lynn Nadeau [mailto:welcome [at] olympus.net]
Sent: Friday, May 05, 2006 12:35 PM
To: cohousing-l [at] cohousing.org
Subject: [C-L]_ LLC vs co-op?


The Port Townsend EcoVillage, in its second year of planning work, early on 
decided on a Cooperative as our long-term legal format. Winslow Cohousing, 
also in Washington State, provides us an example of how that can work, legal 
documents, etc. We like the increased ability of the community to screen and 
orient members, and having the ultimate ownership of all the assets, 
including the leased homes, rest with the community. 

The question has now been raised about whether there would be advantages to 
being a Limited Liability Corportion instead. As part of learning about 
LLCs, I ask you if you know of any LLC intentional communities (we already 
know about Martha's Vineyard) besides groups that have used LLC temporarily 
during development.
We are particularly interested in whether an LLC offers any advantages in 
terms of
 -what happens if a resident couple splits up
 -what happens if people want to shift/swap homes without paying transaction 
taxes
 -how it affects the sense of empowerment of the community as a whole vs 
individuals, or vice versa
 -how it affects single-member households vs multi-member households
 -if others have found philosophical/ political differences that speak in 
favor of having an LLC
 -with an LLC do you end up having members who are nonresidents as well as 
those who are residents?
 -and PS what liability is limited? 

Lynn Nadeau, on behalf of PTEV legal team
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