Cohousing-L Mailing List: RE: incorporation

[Rob Sandelin (Floriferous]

Although I am NOT a lawyer, I have been told that pretty much every state in 
the union has a local form of incorporation. This can be to your advantage 
because it sheilds your personal assets from liability. For example, say you 
purchase a site and then you get a judgement against you  for some reason for 
a million dollars.  As a corporation, you are only liable to the extent of the 
assets of the corporation. As a partnership, you are liable to the extend of 
ALL your personal assets and thus would have to declare personal bankruptcy.

I reccomend you incorporate and don't forget to file income taxes for the 
corporation, they are due March 15th, Not April 15th. You can not be a 501 C 3 
and not pay taxes. A good tax accountant will tell you what income is taxable. 
Buy their advice once, then you can file correctly yourself forever more.

Rob Sandelin
Northwest Intentional Communities Association
Sharingwod