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

[Pare Gerou (paregerou]

Thank you all for Bank account and EIN help for Greek Village Cohousing!

After a few conversations and your help, I chose "Social and Savings Club"
as the EIN organization until we become an LLC.  It seems to be the best
fit and will not create the problems or the extra work that "Homeowners
Association" or "Nonprofit" or "Community Organization" will cause.  Cross
your fingers.

With Appreciation,
Pare Gerou

On Wed, Feb 24, 2021 at 5:59 PM Lyn Deardorff <lynpeachtree [at] outlook.com>
wrote:

> Can you clarify why not Homeowners Association?
>
> Thanks!
> Lyn Deardorff
> Sand River Co-Housing
> Santa Fe NM
>
> -----Original Message-----
> From: Cohousing-L <cohousing-l-bounces+lynpeachtree=
> hotmail.com [at] cohousing.org> On Behalf Of Diana Carroll
> Sent: Wednesday, February 24, 2021 5:57 PM
> To: Cohousing-L <cohousing-l [at] cohousing.org>
> Subject: Re: [C-L]_ Early Bank Account Types for Explorer Membership Dues
> and Professional Fees
>
> Whatever you do, don't choose homeowner's association!
>
> We (Mosaic Commons, and by we I mean me as the bookkeeper/treasurer) had
> nothing but sorrow that resulted anytime there was any confusion between
> the developer organization that built the homes (which is, I understand,
> where you are at now), and the homeowners association that will eventually
> take over management from the developer. These two organizations might
> overlap in membership 100% but they are totally different legally, and just
> trust me, you will bring yourself nothing but pain if you mingle their
> finances in any way.
>
> (I can't tell you what to choose instead. I started with Mosaic shortly
> after the LLC formed. I can just steer you away from one bad choice. :) )
>
> Diana
>
>
>
> On Wed, Feb 24, 2021 at 6:16 PM Pare Gerou <paregerou [at] gmail.com> wrote:
>
> > 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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