Washington Corporate Bylaws for Apartment Co-operative — Stock Corporation are the foundational governance documents that outline the rules and regulations for the operation and management of a co-operative housing corporation in the state of Washington. These bylaws provide a framework for the organization's structure, decision-making processes, and the rights and responsibilities of its members. Key components covered in Washington Corporate Bylaws for Apartment Co-operative — Stock Corporation include: 1. Purpose: The bylaws outline the purpose and mission of the co-operative housing corporation, emphasizing the principles of collective ownership, democratic control, and resident participation. 2. Membership: The bylaws elaborate on the process of becoming a member of the co-operative, including eligibility criteria, application procedures, and membership rights and obligations. They may also specify the types of membership, such as shareholder members, tenant members, or associate members. 3. Board of Directors: The bylaws define the structure and composition of the board of directors, outlining the number of directors, their qualifications, terms of office, and the process for electing or appointing directors. They also detail the powers and responsibilities of the board, including decision-making authority, financial oversight, and the ability to hire or terminate management staff. 4. Meetings: The bylaws establish guidelines for member meetings, including notice requirements, quorum, voting procedures, and the agenda. They may also provide provisions for special meetings and procedures for conducting meetings electronically. 5. Financial Matters: These bylaws detail the financial aspects of the co-operative, addressing topics such as member assessments, budgeting, auditing, reserve funds, and the distribution and allocation of proceeds. 6. Rights and Responsibilities: The bylaws outline the rights and responsibilities of the members, including the use and occupancy of the premises, maintenance and repair obligations, dispute resolution processes, and enforcement mechanisms for non-compliance. 7. Amendments: The bylaws include provisions for amending or modifying the bylaws, outlining the process, and required majority for making changes. Different types of Washington Corporate Bylaws for Apartment Co-operative — Stock Corporation may include specific provisions tailored to the unique needs and characteristics of the co-operative. These may include variations in board composition, member qualifications, membership rights, and operational procedures. It is essential to consult legal professionals and reference the Washington State law for specific guidelines and regulations regarding Corporate Bylaws for Apartment Co-operative — Stock Corporation in Washington.
Washington Corporate Bylaws for Apartment Co-operative - Stock Corporation
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Do-It-Yourself Checklist to Incorporate Your BusinessFind a Name. The first step to incorporating your business is making sure your business's name is available.Create Your Governing Documents.File Your Paperwork.Hold a Meeting.Obtain an EIN.Continue Building Your Business.
How to Form a Corporation in WashingtonChoose a Corporate Name.Choose Directors to serve on the Board of Directors.Prepare and file the Articles of Incorporation.Apply for a Federal Employer Identification Number (EIN)Write Corporate Bylaws.Create a Shareholder Agreement.Elect S Corporation status if desired.More items...
To file your Articles of Incorporation, the Washington Secretary of State charges a filing fee of $180 if filed by mail and $200 for online filing.. All corporations doing business in Washington must also file an annual report, which has a filing fee of $60.
The co-op version is called such a blanket or master mortgage. A portion is allocated to each unit, assumed by the purchaser, and deducted from the seller's proceeds at the time of settlement. Real estate taxes and interest on blanket mortgages are paid by the cooperative, then allocated to owners/members.
Pros & ConsThe main advantage of purchasing a co-op is that they are often cheaper to buy than a condo.Co-ops are typically more financially stable.The instance of foreclosure is rare.Co-ops are typically going to be a higher owner occupancy rate.You can typically get better square footage for your money.
1. Corporate bylaws are legally required in Washington State. According to Washington Rev Code § 23B. 02.060 (2019), either the incorporators or board of directors for a corporation must adopt bylaws.
Members democratically decide the direction and operations of the business with one vote each. ALL OF ITS MEMBERS. Stockholders own it, a board of directors controls it, and the general public buys the end product. The members of the co-op own, control, and use the products and services of the co-op.
A housing cooperative or "co-op" is a type of residential housing option that is actually a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in.
They may get their operating funds from membership fees, common or preferred stocks, bonds, by borrowing from banks, or from other sources. Many cooperatives also finance themselves to a considerable extent from members' savings kept in the business in the form of reserves.
Co-op owners must pay not only for their shares, but a recurring maintenance fee. These can add up quickly, particularly if the unit is expensive. Overall this can still be less expensive than renting or home ownership, but some people consider it excessive. Cooperatives can also come with restrictions for residents.