Re: LLC, LLP, LP, LLLP
From: Diana Carroll (dianaecarrollgmail.com)
Date: Sun, 13 Jun 2021 07:11:50 -0700 (PDT)
Because of just what the name says: limiting liability. If things go badly,
the corporation is liable, not the individuals.

Our LLC went bankrupt due to the poor timing of our houses going online in
the middle of a housing bust. Had we not been incorporated, individuals
woukd have been responsible.

Though probably not - probably the bank wouldn’t have given a construction
loan to 30 individual households to build a condo development in the first
place. Nor do I imagine our contractor would have been willing to sign an
agreement with 30 different people.

I can’t imagine how a major real estate project could happen without there
being a single legal entity involved.

Diana
Mosaic Commons


On Sun, Jun 13, 2021 at 9:35 AM Sharon Villines via Cohousing-L <
cohousing-l [at] cohousing.org> wrote:

> Why incorporate? It is expensive all along the way. In some states you can
> inc. yourself easily but there are still fees. And then there are annual
> fees and then taxes.
>
> Sharon
>
> > On Jun 12, 2021, at 5:47 PM, CLAIRE KEGERISE <ckegerise [at] comcast.net>
> wrote:
> >
> > Newark Area Cohousing Organization (NACO) is a forming group in the
> Newark, DE area. We are in the process of setting up our entity. For those
> who have incorporated in Delaware (even if you aren't located in-state),
> did you choose LLC, LLP, LP, or LLLP? I'm not sure all states have the same
> criteria for these entity designations. I recognize the need to have a
> multi-member entity, I just don't know which is best/simplest. Is EVERYONE
> a member of the company, or just a core group? If so, do you have to file a
> form every time you add someone? I'm going to call the DE Division of
> Corporations for info, but want to also know how others handled this.
> > Thanks,
> > Claire Kegerise
> > NACO
> > ckegerise [at] comcast.net
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> >
> >
>
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