Family members may choose to register the title to the cottage in a non-profit corporation, especially if there are more than two or three co-owners. In this scenario, family members become due-paying members of the organization. The organization must establish a board of directors, which has various duties, such as setting out bylaws and rules relating to dues and maintenance. Although this strategy is beneficial to avoid family conflicts, it requires specialized advice and may not be suitable for everyone.
No comments:
Post a Comment