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socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 37971
Experience:  Retired (mostly)
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We are a non-profit organization. Can we legally own property

Resolved Question:

We are a non-profit organization. Can we legally own property with homes on them and then rent the homes to anyone? We are in Ohio.
Submitted: 8 years ago.
Category: Business Law
Customer: replied 8 years ago.

Springfield, Ohio


Already Tried:
I formed a corporation called New Neighbors 4U. I went to purchase property to rent out. The realtor said because we are non-profit we couldn't purchase a house to rent to anyone. We also serve individuals that currently live in homes that are owned by a non-profit organization. This organization keeps increasing the rent on these residents.

Expert:  socrateaser replied 8 years ago.

That's silly. A non-profit can own real property, and can rent it. It just can distribute profits to members. That's the difference between a for profit and a non profit.

 

 

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