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Co-op Corporation

 
 
gollum
 
Reply Tue 4 Feb, 2020 06:15 am
I am a shareholder-tenant in a co-op corporation in New York City.

How would I ascertain whether the corporation is organized as a for-profit corporation or a not-for-profit corporation?
 
engineer
 
  3  
Reply Tue 4 Feb, 2020 07:13 am
@gollum,
You should get a copy of the by-laws or you could just ask the co-op management to explain how the it works.
PUNKEY
 
  3  
Reply Tue 4 Feb, 2020 12:00 pm
For sure, it’s a non- profit corporation - but not a charitable non profit.

Assessments are set to meet expenses as listed in the budget or outlined in the bylaws. A reserve fund is also established (mandated by law) to meet replacement of such items as elevators, roofs, roads, signage, etc.
0 Replies
 
gollum
 
  1  
Reply Tue 4 Feb, 2020 03:11 pm
@engineer,
engineer-

Thank you.

I checked the By-Laws. It references the Business Corporation Law but does not otherwise address the question.
tsarstepan
 
  1  
Reply Tue 4 Feb, 2020 07:21 pm
@gollum,
Consult a real estate agent or attorney.
0 Replies
 
Linkat
 
  1  
Reply Wed 5 Feb, 2020 01:41 pm
@gollum,
I'd ask - or ask to see what ever tax filings they have - it seems odd to me that the by-laws would not state if it is set up as a non-profit or not.

But in any case even if they are non-profit they would have to register with the IRS under Subchapter T so there should be some tax documentation you should be able to get your hands on. Being a shareholder in it - there is no reason that you should not be entitled to get a copy of it.
gollum
 
  1  
Reply Wed 5 Feb, 2020 01:52 pm
@Linkat,
Linkat-

Thanks

P.S. - I like your profile.
Linkat
 
  1  
Reply Wed 5 Feb, 2020 02:58 pm
@gollum,
gollum wrote:

P.S. - I like your profile.


Oh my I had written that so long ago I had to go back and see what the heck I wrote about.

I was funny back then.
0 Replies
 
 

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