Cohousing-L Mailing List: Re: nonprofit formation and cohousing

[Chris ScottHanson (chris]

The main challenge with the non-profit or the not-for-profit models 
(former being IRS 501c3 related and the latter being state related and 
NOT 501c3) is ownership and shares.  No one can OWN a non-profit.  
Therefore one can not have an equity position in it, or transfer ones 
interest in it, and when you dissolve it you normally must transfer all 
assets to another non-profit.  Ask a good lawyer to explain all this in 
detail.

The question to ask yourself is why are you interested in doing it this 
way.  What are you trying to achieve by using one of these ownership 
structures?

Chris


On May 3, 2004, at 5:03 PM, LK Dingeldein wrote:

> I am very interested in knowing whether there are any cohousing 
> communities out there who have formed non-profits.
> We are starting to talk about doing this and I am looking for role 
> models. I buried my question in an earlier communication and only got 
> one response so am trying again. BTW, the one response was, "no, too 
> busy with childrearing right now".
>
> I am enjoying reading along with the list. Thanks!
>
> Libby Kelley Dingeldein
> Milagro Community
> Tucson, Arizona
> www.milagrocohousing.org<http://www.milagrocohousing.org/>
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