Can a nonprofit owners association own a profit entity?

Answer Your association tax attorney and association-savvy attorney can help you answer your question. It may depend on where you earn your profits. If, for example, the association owned a club house and... Read More »

Top Q&A For: Can a nonprofit owners association own a profit...

Can a MN nonprofit Home Owners Association assess fines for late payment of dues?

Yes is the short answer. Read your governing documents -- and in this case, perhaps a Resolution crafted to collect assessments -- to understand both your obligation to pay your assessments and the... Read More »

Can an apartment owners association having no legal entity collect moneys from the residents for maintenance of apartment?

Read your governing documents to determine the board's authority to collect assessments. Your term ' no legal entity' is not specific enough to inform the answer.Assessments that cover maintenance ... Read More »

What is the difference between a property owners association and a home owners association?

There really is no difference, except for the styling of the name. Both organizations operate through covenants and bylaws recorded against a group of properties with the goal of making said proper... Read More »

What is the federal tax form number of filing federal tax info for not for profit home owners association?

The form number depends on variables within the association's business structure, there are a few different forms. Your tax attorney can help you understand exactly which form to use based on your ... Read More »