Howdy, all… Im posting a question that may be a long shot, but since this is a site full of prolific thinkers of the highest order, its probably worth a try. At present, I am a design/builder contractor in central BC. A good friend of mine has approached me about getting involved with him in targeted subsidized seniors developement for areas like assisted living and supported living. One step that looks as though it is an inevitable must is becoming a non-profit development corporation or society. I have never done this sort of thing before, and know not what is entailed in creating a company of this sort. Typically I do residential and small commercial design/build and custom finishing, basically small time, fostering good client relations, driving my truck loaded with tools, alot of you probably know that drill… anyways, does anybody know anything about what Im looking at? How about this… if I become half of this corporation, how do I manage my ‘for profit’ business…does the “profit” stay as investment capital for the company and foster growth in the investment and development world? I have more questions too, more specific to this, but does anyone know if there are resources or organizations out there designed to help in this sort of thing? Thanks! Any help is much appreciated…
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I am in the site development (mass earthwork - finish grading) and underground utility biz. We also do development in a business park we own and I do quite a bit of design-build work on the site development side. We deal with zoning / permitting / utility co.'s / preparing per forma for financing, etc. So if you have specific questions regarding these areas I might be able to help.
The building is NOT the expensive part, because generally when developing you have cash flow from lots or buildings as you develop and sell them. You have a LOT of sunk cost in lawyers for zoning issues, land costs, development costs, engineering, etc. that is spread out over a project.
remodeler
Sun Doggie
In Califoria, this woud be a "non-profit, mutal benfit assocation. Now I'm in Mo. and don't know about here.
"How about this... if I become half of this corporation, how do I manage my 'for profit' business...does the "profit" stay as investment capital for the company and foster growth in the investment and development world?"
First, hit your local library for law books, the business or corporate sections. Then talk to a coproations lawyer. Now that you know the truth, here's JMHO, You'll probably be two corporate persons (legally, corp.s are "persons".) one person builds then transfers entire sales price of assets to second person as debt due. You personaly, as Sun Doggie (whatever) give up chairing the board as soon as possible, HOWEVER, you keep a vetoing position on the board for as long as there is substantial debt to your first(builders) corp. But like I said, I learned about non-profit mutual benefit assoc's in California, so whatta I know? Hunh?
Talk to the board of an assisted living assoc near you before you decide to go with the plan.
Good luck in whatever you decide,
SamT