Justin Hart wrote: >> Yeah -- it sounds just as scary for us to be paying extra membership dues >> for an unspecified amount of time. >> >> > > Yes, but if we went belly-up, the legal complications would be less. > If HCoop went belly-up, someone would end up stuck with the tab, and > it would just suck to be them. If we bounce up the bill, the fees > stop when service stops. > > Justin Not so--this was one of the large reasons for incorporating HCOOP. As a legal entity if HCOOP is extended any credit, whether from individual creditors or institutional lenders, only anyone (if there is anyone) who personally cosigns or guarantees loans to HCOOP can be held personally liable on them. Otherwise if HCOOP defaulted on its loans and ran out of cash, the most the creditors could do is force HCOOP into bankruptcy in order to wipe out the loans. Members could lose any deposits they had in the coop, but could not be chased down to pay off cooperative debts.
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