Cohousing-L Mailing List: Re: Early Bank Account Types for Explorer Membership Dues and Professional Fees

[Pare Gerou (paregerou]

Thank you Mark,

When you got the EIN before becoming an LLC, did you classify your group as
a "Community or Volunteer" organization?  A Homeowner/Condo Association?  A
Nonprofit Tax Exempt organization?  There are many other options
(club....).  Do you remember what you chose and whether it became a problem
in any way?

Pare Gerou
Greek Village Cohousing

On Wed, Feb 24, 2021 at 9:47 AM Mark Owkes <mark.owkes [at] gmail.com> wrote:

> Hi Pare,
>
> Congrats on getting your group started!
>
> My group opened a bank account before forming an LLC.  We got an EIN
> number from the IRS and that was all we needed to open the
> account.  Running all the money through the cohousing bank account made the
> finances very clear.
>
> Mark
> Bozeman Cohousing
> On Feb 24, 2021, 7:03 AM -0700, Fred-List manager <fholson [at] 
> cohousing.org>,
> wrote:
> > Pare Gerou <paregerou [at] gmail.com>
> > is the author of the message below. It was posted by
> > Fred, the Cohousing-L list manager <fholson [at] cohousing.org>
> > due to a format problem.
> > ------------------- FORWARDED MESSAGE FOLLOWS --------------------
> >
> > Hello Everyone,
> >
> > Greek Village Cohousing has been at it now for 4 short months and the
> > interest is strong. I am collecting my first explorer dues, and several
> > more have requested explorer status this week. We are not yet an LLC. How
> > did you bank the explorer dues, and group collections for use of
> > professionals, at the beginning of formation? I want to ensure I am
> > handling money responsibly and am perceived as doing so. I also need to
> > navigate personal liability when collecting money.
> >
> > Pare Gerou
> > Greek Village Cohousing
> >
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