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Can a not for profit fl corporation that was created solely…

Customer Question
Can a not for...

Can a not for profit fl corporation that was created solely for the purpose of borrowing money to buy a manufactured home residential and golf course complex as its asset and later sell that complex at a profit and the members who paid into being co-op members keep their not-for- profit status and then pocket the profit if they sell it. corporation?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Sorry thought i had florida

Lawyer's Assistant: Has any paperwork been filed?

Yes it has been inexistance for a coulpe years I bought a moble home on one of their lots and now they re taling about selling it and pocketing 5 times what they put up for a ddown payment

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I came on you while doing my own research . you popped up I dont really think I am at that point yet. but thanks

Submitted: 11 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
9/18/2017
Real Estate Lawyer: Dwayne B., Attorney replied 11 months ago
Dwayne B.
Dwayne B., Attorney
Category: Real Estate Law
Satisfied Customers: 34,389
Experience: Began practicing law in 1992
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Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today.

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Real Estate Lawyer: Dwayne B., Attorney replied 11 months ago

Please allow me several minutes to read your facts and type my response.

If you receive a notice or email regarding a phone call for an extra price that comes directly from the website and not from me and I have no control over the sending of the notice or email. I don't take part in the telephone program and only work through this format and under your facts this format should be sufficient.

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Real Estate Lawyer: Dwayne B., Attorney replied 11 months ago

Your question was essentially "Can a non profit corporation can distribute profits for themselves?"

Answer:

The answer is no, absolutely not. Unlike regular corporations a non-profit corporation cannot distribute any profits to its members, contribute to political campaigns, or engage in lobbying (except for very limited circumstances). A non-profit can pay employees or independent contractors for work they perform but if it ever crosses the line into a distribution of profits then it can be sued and disbanded.

If your question has been answered then I'd offer my best wishes to you and ask that you please not forget to leave a 5 Star Positive Rating so I receive credit for my work. Of course, please feel free to ask any follow-up questions in this thread. I want to be sure all of your questions are answered.

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