Cohousing-L Mailing List: Re: dissolving development corporation

[Mac & Sandy Thomson (ganesh]

We're going through the same thing here at Heartwood Cohousing.  We had
our first move-in's at the turn of the millenium -- Jan 2000.  We have
the fortunate problem of having some extra money after construction to
move over to the HOA.  Our plan is to transfer the assets (cash and some
receivables) and liabilities (not-yet-completed common improvements) of
our development corp to the HOA.  The transfer will be supported by a
legal contract between the 2 entities recognizing the transfer.  The
liabilities transferred are in excess of the assets so there should be
no tax consequence for either entity -- at least that's our
understanding of it after talking to a couple tax accountants and an
attorney.

If you'd like more specifics, I can provide them.

- Mac


Roger wrote:

> Message: 2
> From: Berrins [at] aol.com
> Date: Wed, 24 Oct 2001 21:56:07 EDT
> To: cohousing-l [at] cohousing.org
> Subject: [C-L]_dissolving development corporation
> Reply-To: cohousing-l [at] cohousing.org
> 
> Hi folks.
> 
> Pathways has been up and running for over a year and we are finally finishing
> development business.  We are actually running two different organizations;
> the original development corporation and the condo association.  We want to
> dissolve the development corporation this year to avoid taxes and other
> expenses.
> 
> Do anyone have any feedback, suggestions, cautions, etc.?  The board of
> trustees is meeting the first or second week in November to discuss and set
> up the "dissolution resolution" (catchy name, eh?).
> 
>     -Roger
> 
-- 
           Mac & Sandy Thomson           Heartwood Cohousing
           ganesh [at] rmi.net                Durango, Colorado
        Web Site:   http://www.heartwoodcohousing.com


Now and then it's good to pause in our pursuit of happiness and just be
happy.
           - Guillaume Apollinaire
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