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Park Tower Condominium Association, the governing body for Park Tower and Mall, uses one of the mall offices. The mall also has a First American Bank ATM and public UPS , USPS , and FedEx drop boxes.
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If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
However, New York's condominium law was amended in 1997 to allow condominium associations to borrow money. [ 41 ] [ 42 ] The 1974 creation and then subsequent influence on policy by the Urban Homesteading Assistance Board, [ 43 ] a housing advocacy group, which enabled the conversion of over 1,600 foreclosed, city-held rentals into limited ...
Condo owners also pay for their own property taxes and utilities. Shared areas of condos are usually managed by a condo association, which is a type of homeowners association. It typically acts as ...
The law focuses on for-profit corporations and limited liability companies (LLCs), but non-profit corporations like condominium, cooperative, and homeowners associations are not exempt from its ...
Association law is a term used in the United States for the law governing not-for-profit corporations under various tax codes. This includes charitable organizations, which are generally classified under 501(c)3 in the IRS Tax Code, professional societies, guilds and trade associations, which are classified under 501(c)6, and homeowner associations, which are classified under 501(c)4.
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