I am about to open a cowork space / tech hub and it will be
I am about to open a cowork space / tech hub and it will be licensed under a 501(c)3 and have a question regarding unrelated business income.The main source of income from this entity is going to be rent paid by individuals who lease space in our facility. This will range from $150 a month to $800 a month depending on where they want to be and what level of access they want.The nature of this space is to allow tech developers and like minded thinkers to work in and around other people of the same stature, hopefully collaborating on multiple projects.My partner and I both have solid backgrounds in IT, design, web, branding, business development, etc and plan on using those talents to make ancillary income which leads me to this question:If we run the non-profit properly, record everything, have a board of directors that sits over compensation (we will only be getting paid what our fixed bills are - rent, car, insurance, phones) and the rest goes back into the business to be used for grants... if we do all this, how can the unrelated business income be payable to us?Lets say we take on a client for a $20k back end database... and $15k of that is profit.... how do we pay ourselves without it jeopardizing our tax exempt/non-profit status?We are already going to be running a few for profit entities out of this office, completely unrelated to the CoWork space, so I'm trying to keep the bookkeeping as simple as possible without having to register ANOTHER entity specifically for the consulting - or is that the best thing to do, keep everything separate and dont comingle income?
I have a CA LLC and I've received 409A valuations in the
Hello,I have a CA LLC and I've received 409A valuations in the past. Now, we have an ex-employee who currently has some "shares" in our company (not public, not options, etc., just some interest in the company) and she is asking to examine our 409A valuation as her "corporate right" under CA Corp Code.I am aware of CA Corp Code for LLCs and how certain books, financial records, and "internal documents" are to be available for examination. But, is a full 409A also included in this requirement? If it is, can you please provide me with a case or statute in CA that explicitly shows this? I will tip for your time.
I have litigation against a publicly traded bank. I believe
I have litigation against a publicly traded bank. I believe that the banks CEO is not telling the bank board members what has gone on and is misleading them. My question is: what SEC or OCC rules can I look at to find out the responsibilities and obligations of a board of a publicly traded entity?
The condo association requires every property owners to
The condo association requires every property owners to replace windows at their own cost. Below is the answer from the association when the owner asked why it is necessary to do so. The improvement is not the requirement of any city by law.The question is also about why it takes so long (i.e. from 2013 to 2016) to enforce such a rule. The cost of the property is about thousands of dollars. Any chance to challenge this? Have to sign the contract, otherwise the association will sue and the property has to pay the legal bill if the case go legal action. So far, I am getting conflict answers. One says this is excess requirement and can be challenged legally. The other answer is that the association by law has the authorization to enforce the decision."In 2013 the board of directors legally voted at a board meeting for the owners to get the same windows so that the property looks uniform. Please refer to your updated rules and regulations on page 38."
Non-Profit start-up question. What is the fastest and least
Non-Profit start-up question. What is the fastest and least expensive way to begin a non-profit that involves the fewest number of people? I know usually there's a ' board,' etc. I want to start a small arts non-profit and then build it up from there to be able to apply for grants etc. eventually. It would be small to start, and potentially just myself or one or two others included. Is that possible with a very small group, not a big ' board' involved? I know there's a ' state-level' type of filing, and then something called 501-C ?)- but that's about all I know. Thanks.
Background: Owners from a condo association are required to
Background:Owners from a condo association are required to replace all windows and sliding door of the property.The owners are also required to use ONE SINGLE contractor to do the job. The decision was made by the board director. The decision of changing the window is not for complying the by law or any house rule by city/country but sole for the purpose of nicer appearance and better property value. The decision was probably based on voting of the association. The association/board director might have sent out prior notices asking for opinion/input. Now they said the window replacement has no exception. The association will sue the owner(s) who do not comply and threat these owners to pay legal fee.Update:Contacted the association and make verbal complaint. But the association does not make any exceptions. They said in one instance, one home owner used a different window installer, other than the one appointed by the association, to replace the window, the judge made ruling in favor of the association.What to do?I intend to challenge such decision and do not want to replace window/sliding door. I check the small claim court. But at this stage, I do not have financial damage yet. However, once they sue me for not complying window replacement, and they demand me paying for legal fee( they will hire attorney) and replacing working window, I will incur financial damage.I like to know how likely I can win against them. Even if I get an attorney to write them a letter, it will not stop this.
FL HOA discrimination issue: A Florida HOA, in direct
FL HOA discrimination issue: A Florida HOA, in direct response to a HUD discrimination complaint, just amended their declaration with an Article stating that any home owner who raises any issue or complains with anyone that results in HOA having to use their lawyer, will have to pay for the HOA lawyer's time. So not just if you lose a lawsuit; they claim they will charge you for ANYTHING that causes them to use their lawyer against you, right away . . . is this legal??Here is new wording . . . "In the event that the Community Association in its sole discretion retain an attorney to prepare and/or respond to any letter, pleading, correspondence, contact, and/or issue raised by, about or between Members directed to the Community Association, its Board or Director, or related to the Community Association, and the common area, any reasonable costs and attorneys fees associated therewith inducing any pre-suit costs and fees through and inducing all trial and appellate levels and postjudgment proceedings shall be the responsibility of the individual member. The costs and attorneys fees so incurred shall be deemed to be a Special Assessment against the Residential Unit, and shall be collectible in the same fashion as an other assessment as provided in Article 7."This paragraph would appear to violate at least "Unless otherwise agreed by the parties, section 720.311(2)(b), Florida Statutes, requires that the parties share the costs of presuit mediation equally, including the fee charged by the mediator. "Is there any low cost way of calling the HOA out on this without major litigation, for years, where they will charge you every month for THEIR time? Any FL statutes that prohibits them from doing this, or are we all now indentured servants to HOA, which can charge us at will?