Cohousing-L Mailing List: Re: LLC

[Joani Blank (jeblank]

Your LLC will cease to exist when you move in and your group becomes a
homeowner's association instead (assuming you'll be a condo) so resales are
not an issue.  

I'm not a lawyer either, but as I understand that for tax purposes it is,
to all intents and purposes, a partnership. However, in respect to
liability some its is more like a corporation.  In the Old Oakland group,
we all just got K-1s to file with our tax returns. My tax person says that
LLCs can be complicated and aren't any fun for her. 

Joyce, I understand that LLCs are relatively new in California, or maybe it
is just new to use them for real estate, but we certainly do have them
here. That is how the Old Oakland Group is structured. During planning and
construction, the Doyle Street Group was a partnership with the
developer/contractor as the general partner, and the members as limited
partners. But it is true, every state is different and you really need a
lawyer who knows about LLCs in your state. 

Joani