Cohousing-L Mailing List: Re: getting money up front

[Jennifer Flynn (jen.flynn]

I assumed "pooling money" meant  contributing to the new business/LLC
Peace,
Jen

Always be on the lookout for the presence of wonder.
E.B. White
Charlotte's Web

--------------------------------------------------
From: <vandeist [at] msn.com>
Sent: Monday, February 08, 2010 3:45 PM
To: "Cohousing-L" <cohousing-l [at] cohousing.org>
Subject: Re: [C-L]_ getting money up front

> By pulling your money, have you violated any Security & Exchange 
> Commission
> (SEC) regulations?  If people without a history together pool their funds,
> the SEC interprets that as a security.  Did your group members have an
> extensive personal/business history with one another?  Are you an LLC or
> incorporated?  Did you create a security?  Please tell.  We have avoided
> pulling our funds, because we're new to one another as a group and didn't
> want to run afoul of the SEC.  Now we're considering creating a security.
> Van Deist    Venice, FL
>
> --------------------------------------------------
> From: "Fiona Frank" <fionafrank [at] googlemail.com>
> Sent: Monday, February 08, 2010 10:35 AM
> To: <jen.flynn [at] verizon.net>; <cohousing-l [at] cohousing.org>
> Subject: [C-L]_ getting money up front
>
> > Dear Jen and all
> > Our group have all put up 30 per cent of the cost of their next houses in
> > order to buy the land we now have.....  Sources of funds among the group
> > are:
> >
> > loans from family and friends, inheritances
> > selling their houses and either renting, or living in a caravan on the
> > site
> > (we havent done the caravan thing yet) or sharing with other cohousing
> > members
> > changing our mortgages from repayment to interest only, on a temporary
> > basis
> > extending our mortgages
> >
> > good luck!
> > Fiona
> > Lancaster cohousing
> > _________________________________________________________________
> > Cohousing-L mailing list -- Unsubscribe, archives and other info at:
> > http://www.cohousing.org/cohousing-L/
> _________________________________________________________________
> Cohousing-L mailing list -- Unsubscribe, archives and other info at:
> http://www.cohousing.org/cohousing-L/