Cohousing-L Mailing List: Early Bank Account Types for Explorer Membership Dues and Professional Fees

[Fred-List manager (fholson]

Jack & Carolyn Salmon <2salmon [at] earthlink.net>
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Pare Gerou <paregerou [at] gmail.com> wrote:
>
> Hello Everyone,
>
> Greek Village Cohousing has been at it now for 4 short months and the
> interest is strong.  I am collecting my first explorer dues, and several
> more have requested explorer status this week.  We are not yet an LLC.  How
> did you bank the explorer dues, and group collections for use of
> professionals, at the beginning of formation?  I want to ensure I am
> handling money responsibly and am perceived as doing so.  I also need to
> navigate personal liability when collecting money.
>
> Pare Gerou
> Greek Village Cohousing

Welcome to the big world of Cohousing - developing and living.   Now
you are getting serious.   When we started the community that
eventually became Quimper Village, we formed a development corporation
(LLC --Limited Liability Corporation) under Washington State
regulations and opened a bank account in it’s name.  This might be
the time for you to have an initial conversation with an attorney who
has experience in real estate and development and your state’s
securities laws.  You can get some questions about initial steps
answered and see if this is the attorney you will want to help you
with  a variety of  legal issues.

I’m not in the book selling business, but if you haven’t already
done so, you might want to buy a copy of ’State-Of-The Art Cohousing
‘  by Alexandria Levitt and Charles Durrett.  It is a pretty
detailed description about how we developed Quimper Village in 3 year
3 months from initial group formation to move-in.

Carolyn Salmon
Quimper Village